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US Stock Futures Volatile, Powell Remains Fed Chair

U.S. equity futures were volatile in early APAC trades on Tuesday, benchmark indexes fell from record highs and closed mixed in the normal session as investors tempered caution. 


Important amid rising rates of coronavirus infections across Europe, while bond yields edged higher after President Joe Biden nominated Powell as chairman and Lael Brainard as vice chairman of the Federal Reserve.


In Monday's trading session, the Dow Jones gained 17.27 points to close at 35,619.25, the S&P 500 fell 15 points, or 0.32%, to 4,682.94 and the Nasdaq Composite lost 202.68 points, or 1. .26% down to 15,854.76.

Dow Jones 30 futures were up 0.16% S&P 500 futures were up 0.22% Nasdaq 100 futures were up 1.06%.




Among stocks, Bank stocks benefited from the Fed's decision on Biden as Bank of America Corp (NYSE:BAC) gained 1.94%, JPMorgan Chase & Co (NYSE:JPM) gained 2.1% , Citigroup Inc (NYSE:C) was up 1.06% while Morgan Stanley (NYSE:MS) was up nearly 2.5%. Higher rates also hit big tech names, with Microsoft Corporation (NASDAQ:MSFT) down 0.96% and Alphabet Inc Class A (NASDAQ:GOOGL) down 1.76%, while Amazon .com Inc (NASDAQ:AMZN) lost 2.83%.



Shares of Tesla Inc (NASDAQ: TSLA) rose 1.74% after Elon Musk said the company's Model S Plaid could launch in China in spring 2022, while Rivian Automotive Inc (NASDAQ: { {1179312 | RIVN}}) fell 8.16% following last week's report that Ford (NYSE:F) and Rivian no longer plan to co-develop electric vehicles.



In the bond market, the 10-year US yield is at 1.632%.

This week, market participants will keep a close eye on the Manufacturing and Services PMIs, Durable Goods Orders, GDP data, Initial Jobless Claims data, data. New home sales data and FOMC meeting minutes.



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