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Market Update: US Stock Futures Lift
US Futures traded higher in early Asian trade on Tuesday, approaching fresh all-time highs following a mixed session yesterday as investors await fresh CPI data and digest comments from Treasury Secretary Yellen, while news of a global minimum corporate tax rate agreed by G7 over the weekend also lifted sentiment. On the data front, the US annual inflation rate due Thursday is seen jumping to 4.7% which would be the highest rate since September of 2008, adding to further concerns the Federal Reserve will start tapering stimulus soon. US 10-year bond yields were at 1.57%. Meanwhile, Treasury Secretary Janet Yellen again made the case for President Biden’s $4 trillion spending package even if it pushes inflation higher and also said higher interest rates would be a plus for the US. On Monday, the Dow fell 126 points, or 0.36%, its worst daily performance since May 19. The S&P 500 dipped 0.08%, while the Nasdaq Composite edged 0.5% higher. [/s2If]
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