After yesterday's late day meltup, sparked by an overly optimistic forecast of Treasury supply, which sent stocks to a new all time high, US equity futures drifted lower in a tight range as investors looked ahead to the flood of tech earnings (Alphabet and Microsoft are due after the close) for insights on whether the record-breaking rally in equities can continue, while bracing for key announcements from the Fed and Labor department. Monday's latest record close pushed the S&P 500’s gains this month to 3.3%, while the Nasdaq 100 has surged 4.6%. Europe’s Stoxx 600 index crept to a new two-year high as autos and banking stocks led gains. Bitcoin is on course to advance for a fifth straight month, after rising 2% in January; The last time the largest digital asset managed a winning streak like this was the October 2020 to March 2021 stretch oiled by pandemic-era easy money. As stocks dropped, both 10Y TSY yields and the US dollar traded largely unchanged. Oil dipped as Biden refuses to retaliate against Iranian proxies, terrified any escalation will send gas prices soaring and crush his reelection chances.
In premarket trading, General Motors jumped 8% after beating profit expectations, while United Parcel Service fell as its revenue guidance missed projections. Here are some of the other notable premarket movers: