U.S. stock futures initially rose early Monday as traders started the new quarter in a positive mood, but surging Treasury yields halted the rally in its tracks
U.S. stock futures pointed lower Monday as Treasury yields resumed their march higher, leaving equities unable to hang on to an initial pop higher seen after lawmakers averted a shutdown of the federal government.
“Stocks are facing headwinds from higher interest rates and the uncertainty of how higher rates will affect economic growth and earnings,” Richard Saperstein, chief investment officer at Treasury Partners, said in a note. Investors initially on Monday adopted a more positive stance at the start of the final quarter of 2023, a seasonal period that tends to see gains for stocks, particularly as the year draws to a close.
“Congress averted a shutdown, adopting a stopgap bill that keeps the government open through Nov. 17, meaning data releases will proceed as scheduled. That makes it more likely that Fed officials proceed with a 25bp hike at the Nov. one meeting — which remains our base case,” said Richard Hollenhorst, economist at Citi.
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