U.S. Futures Rise After Tech Slide; Dollar Slips

U.S. equity futures rose and Asian stocks were steady Wednesday after markets dipped overnight on a technology selloff and Treasury Secretary Janet Yellen’s comments on interest rates. The dollar slipped.

S&P 500 contracts advanced after gains in the commodity, financial and industrial sectors helped the benchmark index pare losses. Nasdaq 100 futures also rallied following a weaker close for the index that owed largely to declines in the likes of Apple Inc., Tesla Inc. and Amazon.com Inc. Australian shares rose and Hong Kong fluctuated. Markets in Japan, China and South Korea are shut for holidays.

Yellen said rates will likely rise as government spending ramps up and the economy responds with faster growth — comments that economists regarded as self-evident. In a subsequent interview, the former Federal Reserve Chair said she wasn’t predicting or recommending rate hikes.

Commodities rose to their highest levels in almost a decade as the rebound from the pandemic fuels demand. Copper climbed back above $10,000 a ton and oil traded above $66 a barrel. New Zealand’s dollar outperformed all its Group-of-10 peers on a strong jobs report. Treasury futures were steady, with cash markets closed in Asia.

U.S. ADP employment change is due WednesdayChicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic ClubBank of England rate decision ThursdayThe April U.S. employment report is released on Friday

Stocks
S&P 500 futures rose 0.3% as of 12:53 p.m. in Hong Kong. The S&P 500 Index lost 0.7%Nasdaq 100 contracts added 0.3% after the index fell 1.9%Australia’s S&P/ASX 200 increased 0.6%Hong Kong’s Hang Seng Index was little changedEuro Stoxx 50 futures added 0.9%

Currencies
The Japanese yen traded at 109.31 per dollarThe offshore yuan was at 6.4802 per dollarThe Bloomberg Dollar Spot Index fell 0.1%The euro traded at $1.2023

Bonds
The yield on 10-year Treasuries was at 1.59% on Tuesday. Cash Treasuries are not trading in Asia because of Japan’s holidayAustralia’s 10-year bond yield fell three basis points to 1.73%

Commodities
West Texas Intermediate crude rose 0.8% to $66.24 a barrelGold was up 0.1% to $1,780.88 an ounce

U.S. Futures Rise After Tech Slide; Dollar Slips: Markets Wrap, Bloomberg, May 5