March 26, 2023

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US futures keep lower ahead of North American trading

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US futures point to a relatively subdued open later

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Higher yields weigh on US stocks midway through the session yesterday but futures are pointing to a modest pullback to the yesterday’s gains at the moment, even as Treasury yields are keeping largely steadier for now.

10-year yields are seen up 1 bps to 1.645% and not really gravitating towards the high yesterday seen closer to 1.68%, which triggered some equity jitters.

That said, dip buyers were quick to brush all of that aside and even with the modest pullback currently, US stocks have had a stellar performance in April.

With the Fed keeping on the sidelines and avoiding any real talk on policy tightening, it is tough to challenge the buy-the-dips narrative in equities still for the time being.

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