US pre-open: Futures mixed after Dow Jones closes at another fresh high

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Wall Street futures were somewhat mixed ahead of the bell on Tuesday after the Dow Jones saw out the previous session at a fresh all-time high.

As of 1215 BST, Dow Jones futures were up 0.13%, while S&P 500 futures were down 0.12% and Nasdaq-100 futures were 0.61% lower.

The Dow Jones closed 98.49 points stronger at a new record high of 33,171.37 in what was a mixed session for major indices on Monday.

Rising bond yields were in focus again prior to the open on Tuesday, with the yield on the benchmark 10-year Treasury note rising to 1.77%, firmly at the top end of its recent range, stoking fears that the recent advance in yields would lead money managers to make significant adjustments in their portfolios, creating heightened volatility during the Easter holiday-shortened week.

As a result of the elevated bond yields, the US dollar hit its highest point since November at 93, while gold slumped to the bottom of its recent range and tested $1,700.

Uncertainties stemming from the collapse of Archegos Capital, which sold major blocks of stock in the likes of ViacomCBS and Discovery last week, were also still hanging over markets, with Credit Suisse and Nomura both cautioning of “significant” hits to their first-quarter results following the hedge fund’s fire sale.

SpreadEx‘s Connor Campbell said: “There are dangers lurking to undermine these month-end gains. As occurred when February came to a close, bond yields are on the rise. And though the markets have broadly made their peace with that in recent weeks, it could still cause a record high-imperilling wobble.

“Similarly, just because markets appear to have moved on this morning, doesn’t mean the dust has settled on Archego Capital’s collapse. That situation could still have some nasty surprises up its sleeve.”

On the macro front, January’s S&P/Case-Shiller house price index will be published at 1400 BST, while the Conference Board‘s consumer confidence report for March will follow at 1500 BST.

Fed heads Randall Quarles, Raphael Bostic and John Williams will also deliver speeches throughout the course of the day.

No major corporate earnings were slated for release on Tuesday.