U.S. stock futures rose on Monday, bouncing off a three-month low.
What’s happening On Friday, the Dow Jones Industrial Average DJIA fell 107 points, or 0.31%, to 33964, the S&P 500 SPX declined 10 points, or 0.23%, to 4320, and the Nasdaq Composite COMP dropped 12 points, or 0.09%, to 13212.
Last week, the S&P 500 fell 2.9%, its worst week since the period ending March 10, and its worst level since June 9. What’s driving markets There wasn’t too many catalysts for markets on Monday, though the tentative end of the writer’s strike lifted media companies like Paramount Global PARA, -4.96% and Netflix NFLX, -1.13% in premarket trade. President Joe Biden separately is planning to go to Michigan to support the United Auto Workers strike against the Big Three automakers.
The bigger story has been the rapid climb in long-term interest rates. Technical strategists at Bank of America said while they don’t have evidence to say the move higher in the 10-year yield is complete, it is getting stretched.The housing crisis in China was back in the news, as Evergrande 3333, -21.82% shares slumped as it scrapped a $35 billion debt restructuring plan, while shares of China Aoyuan Group dived Monday in their first day of trading in more than a year.
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