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US stock index futures declined on Tuesday as traders remain concerned about signals of the US bond market currently indicating an inversion of the yield curve. Moreover, investors are pessimistic about the future due to the recent events in Ukraine. The Dow Jones Industrial Average futures were down 80 points or 0.24%. The S&P 500 and Nasdaq 100 futures fell by more than 0.2% each.
Currently, US Treasury yields are the major focus of attention. Rates of some short-term bonds increased more than their long-term counterparts. The yield on 5-year bonds rose to 2.6%, while the yield on 30-year bonds totaled nearly 5.51%. The inversion of the yield curve has been the main concern for traders so far as it is historically followed by a recession.
Despite Russia's invasion of Ukraine, markets remain extremely resilient, although a bearish correction is evident. Investors express concerned over continuing price pressure and ambiguous prospects of the global economy. They are now in disarray after buying up shares at the start of 2022.
Notably, oil prices have risen again. West Texas Intermediate crude oil futures jumped nearly 1% to $104.23 a barrel. Brent crude oil added 0.7% to $108.30.
Yesterday, the stock market benefited from the rally in the tech sector. The Nasdaq Composite gained 1.9% at the end of yesterday's trading session. Twitter stock surged by 27%, its biggest gain since Elon Musk announced a 9.2% stake purchase. The Dow index was up about 100 points, while the S&P 500 rose by 0.8%.
Premarket
Carvana's shares fell after its rating was revised downward. The stocks went down 3.4% in the premarket.
Solar energy company First Solar lost 4.8% in the premarket after Bank of America Securities downgraded its rating from "neutral" to "underperform." The Bank of America said investors might be overly optimistic about this company's growth prospects.
US service sector growth following the coronavirus pandemic has a positive effect on Carnival's stock. The company reported that the period from March 28 to April 3 was the busiest week for new cruise bookings in its history. Carnival stock rose by 3.6% in the premarket.
After yesterday's 27% jump, Twitter added another 1.5% today.
Technical picture of S&P500
Trading is conducted above $4,539. Therefore, the market is most likely to recover to $4,588. If it fails to do it early in the week, market pessimism will prevail. If trading closes below $4,539, it will be unfavorable for buyers. In case of breakout of $4,589, the nearest target for sellers will be resistance at $4,665. If this level is broken, the trading instrument will hit the highs of $4,722 and $4,818. In case of further pressure and breakout of $4,539, a decline to the area of $4,488 is likely. A long-term target for sellers of the trading instrument will be the low of $4,433. Then, bulls will have to resume their moves.
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