US STOCKS-Futures slip as bond yields rise, BofA up on strong consumer lending & More News Here – Upjobsnews

U.S. stock index futures dipped on Monday as Treasury yields continued to rise in expectation of a tighter monetary policy, while Bank of America wrapped up earnings from Wall Street lenders with a better-than-expected quarterly profit. Bank of America Corp, the second-largest U.S. bank by assets, edged 1% higher in premarket trading after recording a strong growth in its consumer lending business.

Market response to first-quarter bank earnings have been mixed as JPMorgan Chase & Co, Goldman Sachs Group Inc and Citigroup Inc combined put aside $3.36 billion in credit loss reserves due to risks from the Ukraine war and rising inflation. Overall, analysts expect aggregate annual S&P 500 earnings growth of 6.3%, as of last week, less optimistic than the 7.5% growth projected at the start of the year, according to Refinitiv data.

Companies including Netflix, Tesla Johnson & Johnson and International Business Machines are set to report this week. Most megacap growth stocks edged lower as the benchmark 10-year Treasury yield rose 2.866%, its highest since December 2018.

However, Tesla Inc rose 0.8% as the electric automaker began preparing to reopen its Shanghai plants as the city speeds up efforts to get back to normal after a nearly three-week COVID shutdown. Data earlier showed China’s economy slowed in March despite better-than-expected first-quarter growth numbers, worsening an outlook already clouded by COVID-19 curbs and the Ukraine war.

There was little hope of peace in Ukraine, with Russia hitting hundreds of military targets in Ukraine overnight, destroying command posts with air-launched missiles. At 07:06 a.m. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were down 12.25 points, or 0.28%, and Nasdaq 100 e-minis were down 51.25 points, or 0.37%.

Twitter shares were up 4.4% after the micro-blogging platform adopted “poison pill” on Friday to restrict Tesla CEO Elon Musk from raising his stake to beyond 15% for a one-year period. Didi Global Inc slumped 18.7% after the Chinese ride hailing giant said it will hold an extraordinary general meeting on May 23 to vote on its delisting plans in the United States.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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