(Bloomberg) — US bonds and stock futures extended their drop as the bearish new-year mood deepened ahead of a swath of data that could show whether wagers on interest-rate cuts this year are justified.
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Ten-year Treasury yields rose to 3.97%, after touching the highest since mid-December, and S&P 500 futures slid 0.3%. The dollar strengthened for a fourth day, the longest run since November. Nvidia Corp. dropped in US premarket trading as investors continued their retreat from tech stocks. Bitcoin erased its gains this year.
US markets are poised to extend Tuesday’s slump, which registered as the biggest global rout since 1999 for the first full day of trading in a year. Wednesday’s data includes the ISM manufacturing report for December and the JOLTS report of job openings for November, followed by minutes from the Federal Reserve’s last meeting.
Richmond Fed President Thomas Barkin held off on giving a…
