U.S. stock futures drift lower as 10-year yield holds above 3%

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US stock futures fell lower on Tuesday, as bond yields rose put a cap on sluggish momentum.

What is happening
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Dow Jones Industrial Average DJIA on Monday,
+0.05%
32916, up 16 points, or 0.05%, on the S&P 500 SPX,
+0.31%
rose 13 points, or 0.31%, to 4121, and the Nasdaq Composite comp,
+0.40%
It rose 49 points, or 0.4%, to 12061.

what is driving the market
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Bond yields jumped higher on Monday with 10-year TMUBMUSD10Y, without key economic data due to a quieter release and Federal Reserve officials,
3.021%
Retake the key 3% level.

In a letter published on Monday, former US Treasury Secretary Larry Summers argued that there would need to be Volcker-style aggression at the Federal Reserve to control inflation,

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Another reminder of the global fight against inflation comes from a surprise 50-basis point hike by the Reserve Bank of Australia. The European Central Bank meets on Thursday, where it is expected to lay the groundwork for the first growth of the cycle in July. Key US inflation data are due to be released on Friday.

Kohl’s KSS,
+1.56%
Franchise group FRG, premarket trade surged after Wall Street Journal reported
+0.84%
Negotiations are underway to buy the department store operator for about $8 billion.

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Credit: www.marketwatch.com /

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