Futures fall as risk of wider Middle East conflict lingers; Big Tech results in focus
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., October 20, 2023. REUTERS/Brendan McDermid/File photo - U.S. stock index futures started the week on a sour note as investors worried that the war between Israel and Hamas could turn into a bigger Middle Eastern conflict, while awaiting quarterly results from the world's largest technology companies and some key economic data.
Yield on the 10-year benchmark Treasury note continued to hover around 5%, the mark it briefly breached last week after Federal Reserve Chair Jerome Powell said that U.S. economy's resilience and tight labor market could warrant further rate hikes.) - four of the seven U.S. megacap stocks whose gains have powered the S&P 500 higher in 2023 while the rest of the index lagged.
Money markets still see a 98% and 75% chance the Fed will keep rates unchanged in November and December, respectively, according to the CME's FedWatch Tool.
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