US Futures Signal Weaker Open as Nvidia Slips – Europe Market Wrap

US stock futures pointed to a lower start on Wall Street as investors waited for information on job vacancies to inform their assessment of the state of the economy. Nvidia’s pre-market share fell 1.6%.

After yesterday’s 2.1% selloff, contracts on the S&P 500 fell 0.4%, suggesting that the slide may be tapering off. Because traders were still unnerved by the sudden and dramatic retreat by the US, losses in Europe and Asia were greater. While a measure of the strength of the dollar declined for the first time in six days, the Cboe Volatility Index rose beyond 22.

The yield on two-year notes dropped to 3.83% as speculators increased their bets on a massive cut from the Fed, causing Treasury bonds to rise for a second day. Swaps indicate that the likelihood of a half-point decrease later this month has risen from 20% last week to roughly 30%.

Following a nine-month low, oil prices somewhat increased as 0PEC+ talked about postponing its intentions to expand supply. The global benchmark, Brent futures, rose beyond $74 a barrel on Tuesday after plunging almost 5% on Tuesday. West Texas Intermediate increased by 0.8% following its first decline below $70 since early January.