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US STOCKS-Futures gain as Treasury yields fall; Tesla slips
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US STOCKS-Futures gain as Treasury yields fall; Tesla slips
Nov 3, 2024 11:24 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Futures up: Dow 0.19%, S&P 500 0.24%, Nasdaq 0.28%

Oct 25 (Reuters) - U.S. stock index futures edged higher

on Friday, with a decline in Treasury yields offering some

relief to equities despite a drop in Tesla, although all three

major indexes looked poised for a weekly loss.

The benchmark 10-year Treasury note yield eased, after

rising as high as 4.26% earlier in the week, and was trading

around 4.19%.

Meanwhile, Tesla shares dipped 1.8% in premarket

trading after a nearly 22% surge in the previous session, as

investors cheered the EV-maker's strong sales forecast.

Gains in the stock had lifted the Nasdaq and the S&P 500 on

Thursday, the S&P 500's first daily advance of the week.

All three major indexes are set to snap their six-week

winning streaks, with equities unsettled by a fairly rapid rise

in rates as investors bet a stronger economic outlook could

limit the scope of future interest-rate cuts by the U.S. Federal

Reserve.

At 5:30 a.m. ET, Dow E-minis were up 82 points, or

0.19%, U.S. S&P 500 E-minis were up 13.75 points, or

0.24%, and Nasdaq 100 E-minis were up 56.25 points, or

0.28%.

Shares of Apple ( AAPL ) dipped 0.8% after data showed

iPhone sales in China fell in the third quarter, while Capri

Holdings ( CPRI ) slumped 46.4% after a U.S. judge blocked a

pending merger between the company and handbag maker Tapestry

.

Shares of memory-chip-maker Western Digital ( WDC ) leapt

12% after it topped quarterly profit estimates on Thursday.

A mixed set of earnings across sectors and continued

uncertainty around the U.S. presidential election have also made

investors cautious in the week.

The week starting Oct. 28 promises to be a crucial one for

Wall Street, with earnings from megacaps including Alphabet

, Apple ( AAPL ) and Microsoft ( MSFT ), as well as

nonfarm payrolls data and the final stretch just before the Nov.

5 election.

Markets have started pricing in a second Donald Trump

administration in recent weeks, despite worries of a possibly

contested result and whether one party will control Congress

following the election.

Earnings from New York Community Bancorp ( NYCB/PA ) and

Colgate-Palmolive ( CL ) are due before the bell.

On the economic front, September Durable goods data and the

University of Michigan's final Consumer Sentiment index are on

deck, while the Boston Fed's Susan Collins is scheduled to speak

on the day.

Investors are still pricing in another 25-basis-point rate

cut at the Fed's November meeting. They expect about two rate

cuts by the end of the year, according to LSEG data.

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