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Futures down: Dow 0.05%, S&P 0.09%, Nasdaq 0.05%
April 8 (Reuters) - U.S. stock index futures were flat
on Monday as Treasury yields rose on rising bets that the U.S.
Federal Reserve could delay interest rate cuts this year.
Hawkish commentary from Fed officials throughout last week
and stronger-than-expected manufacturing and jobs reports
pointed to a resilient U.S. economy, taking pressure off the Fed
to cut interest rates quickly.
Wall Street's main indexes recorded weekly losses on Friday
as traders scaled back expectations of the Fed cutting rates in
June. They now see a 48% chance of the first rate cut in June,
as per the CME FedWatch Tool, down from about 58% seen at the
start of last week.
The market has also pared back expectations for rate cuts to
fewer than three this year, from three to four a few weeks ago,
according to LSEG data.
The yield on 10-year notes rose 4.45% to its
highest level since November, pressuring equities.
Investors will be watching for comments from Chicago Fed
President Austan Goolsbee and his Minneapolis counterpart Neel
Kashkari later in the day.
The focus will also be on the March reading of U.S. consumer
price inflation (CPI), due later in the week, that is expected
to show a rise in headline inflation to 3.4% year-on-year from
3.2% in Feb.
Also on the radar would be the release of minutes from the
Fed's latest meeting, where it stuck to its guidance of three
rate cuts this year.
First-quarter earnings season will pick up pace this week,
with banking giants JPMorgan Chase & Co ( JPM ), Citigroup ( C/PN )
and Wells Fargo & Co ( WFC ) scheduled to report in the back-end
of the week.
Asset manager BlackRock ( BLK ) and Delta Air Lines ( DAL )
will also report their quarterly numbers this week.
At 5:38 a.m. ET, Dow e-minis were down 19 points,
or 0.05%, S&P 500 e-minis were down 4.75 points, or
0.09%, and Nasdaq 100 e-minis were down 9.25 points, or
0.05%.
Tesla jumped 3.4% in trading before the bell after
CEO Elon Musk said the company will unveil Robotaxi on Aug. 8.
Cryptocurrency and blockchain-related stocks advanced
tracking rising bitcoin prices. Exchange operator Coinbase
Global ( COIN ), crypto miner Marathon Digital ( MARA ) and
software firm MicroStrategy ( MSTR ) added between 5.7% - 11.9%.
U.S.-listed shares of Taiwan Semiconductor Manufacturing Co ( TSM )
gained 1.3% after the U.S. Commerce Department
said it would award the company's U.S. unit a $6.6 billion
subsidy for advanced semiconductor production in Phoenix,
Arizona.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil
D'Silva)