Wall Street's main stock indexes were set to open lower on Tuesday as retailers Walmart and Home Depot delivered a double blow to traders returning after a long weekend amid worries that interest rates will remain higher for longer.
The U.S. stock market got a lift this year from its worst annual showing in more than a decade in 2022, as investors were hopeful that the central bank's rate hiking cycle was nearing its end.
However, recent economic data has pointed to a resilient economy with inflation far from the Fed's 2% target, raising bets for two or three more 25 basis point hikes amid dwindling hopes of rate cuts at year-end. Money market participants see the benchmark level peaking to a 5.3% in July, and staying near those levels throughout the year.
At 7:54 a.m. ET, Dow e-minis were down 285 points, or 0.84%, S&P 500 e-minis were down 29.5 points, or 0.72%, and Nasdaq 100 e-minis were down 117.25 points, or 0.95%. Yield on the U.S. benchmark 10-year Treasury note edged higher, in turn pressuring rate-sensitive growth stocks.
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