Tag Archives: 10Year

Business

Verizon’s shares hit 10-year low on Friday following release of Q3 results

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The largest wireless carrier in the U.S. learned a little about basic economics during the third quarter. After raising the administrative charge for postpaid subscribers by $1.35 to $3.30 per voice line, the number of consumer postpaid phone subscribers declined by 189,000 on a year-over-year basis during the third quarter with a churn rate of .88%. The churn is the percentage of subscribers (sometimes in a specific category) that leave a carrier for another and it rose in the quarter due to the higher administrative charge.

53% of Verizon’s consumer subscribers own a 5G capable handset

In the consumer sector, close to 53% of Verizon’s postpaid wireless phone subscribers owned a 5G capable handset during Q3. While the carrier has had to deal with higher infrastructure costs due to the seemingly never-ending 5G rollout, pricing has to be closely monitored thanks to the tough competition between Verizon, T-Mobile, and AT&T. And later this year, Boost expects to launch its Infinite service that will provide 5G service in the U.S. at a lower price than the big three.

On the business side, Verizon added 197,000 net new postpaid phone subscribers during the three months. This allowed it to record its fifth consecutive quarter with at least 150,000 net new postpaid phone subscribers in its business unit. The churn rate for the business sector’s postpaid phone business was 1.10%. Revenue for the Business Wireless group was up 5.7% on an annual basis to $3.3 billion. The increase is due to higher pricing and growth in the customer base.

Combining both the consumer and business units, the number of postpaid net new phone subscribers during the quarter added up to 8,000. That was well below Wall Street estimates calling for Verizon to add a total of 35,000 net new postpaid phone subscribers during the quarter.

Verizon Chairman and CEO Hans Vestberg said, “We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there’s still more work to be done. The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business. At the same time, we are focused on executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs within first-quarter 2023.”

Meanwhile, Verizon Chief Financial Officer Matt Ellis blamed higher plan pricing for the disconnections on the consumer side and said that “the pressure” would continue into the fourth quarter. Wall Street analysts weighed in with their comments. “The thing people forget is the biggest company in the industry, they have the most customers to lose each quarter,” said Michael Hodel, director of telecom and media research at Morningstar.

Ellis also said that “The actions we have taken in the previous two quarters are gaining traction in the marketplace. We expect that we will be able to build on this momentum into the future. Our financial discipline, combined with our healthy balance sheet, enabled us to increase our dividend for a 16th consecutive year, which is the longest current streak of dividend increases in the U.S. telecom industry.

Verizon shares hit their lowest price in over a decade

Overall, Verizon reported third-quarter revenue of $34.2 billion, up 4% over the gross collected during the same quarter last year. Net income of $5.02 billion was down 23.3% from the  $6.55 billion in net income it reported during the 2021 third quarter. Diluted earnings per share declined 24.5% from $1.55 during last year’s third quarter to $1.17 in this year’s third quarter.

Verizon did have a pre-tax loss of $881 million that included adjusting pension liabilities to reflect current securities pricing and the adjustment of certain assets related to the TracFone acquisition.

Meanwhile, investors sent Verizon’s shares down $1.65 or 4.5% on Friday to $35.35. The day’s low, $34.55, was the lowest price for the stock in over ten years. The 52-week high is $55.51 (which seems so far away) and the 52-week low is the $34.55 nadir reached on Friday.

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Business

Existing home sales fall to a 10-year low in September

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Real estate broker Rebecca Van Camp places a “Sold” placard on her sign in front of a home in Meridian, Idaho, on Wednesday, Oct. 21, 2020.

Darin Oswald | Tribune News Service | Getty Images

Existing homes are selling at the slowest pace since September 2012, with the exception of a brief drop at the start of the Covid 19 pandemic.

Sales of previously owned homes fell 1.5% in September from August to a seasonally adjusted annual rate of 4.71 million units, according to a monthly survey from the National Association of Realtors.

That marked the eighth straight month of sales declines. Sales were lower by 23.8% year over year.

Sharply higher mortgage rates are causing an abrupt slowdown in the housing market. The average rate on the 30-year fixed home loan is now just over 7%, after starting this year around 3%. That is making an already pricey housing market even less affordable.

Despite the slowdown in sales, inventory continues to drop. There were 1.25 million homes for sales at the end of September, down 0.8% compared with September 2021. At the current sales pace, that represents a 3.2-month supply. Six months is considered a balanced supply.

“Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory,” said Lawrence Yun, chief economist at the NAR. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”

Tight supply continues to put pressure on home prices. The median price of an existing home sold in September was $384,800, an increase of 8.4% from September 2021. Prices climbed at all price points. This makes 127 consecutive months of annual increases.

Prices are cooling, however. September marked the third straight month-to-month price decline, which usually fall this time of this year.

They’re falling harder this year, though, particularly on the lower end of the market, where inventory is much leaner. Homes priced between $100,000 and $250,000 dropped 28.4% from a year ago, while sales of homes priced between $750,000 and $1 million declined 9.5%.

Homes did sit on the market slightly longer in September, an average of 19 days, up from 16 days in August and 17 days in September 2021.

Higher mortgage rates aren’t just spooking potential buyers. They’re keeping sellers on the sidelines as well, which adds to the inventory crunch.

“Homeowners love their 3% mortgage rate, and they don’t want to give that up,” Yun said.

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Business

Treasury yields tumble for a second day, with 10-year rate below 3.6%

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Treasury yields fell across the board for a second day Tuesday as traders weigh actions from central banks going forward.

The benchmark 10-year Treasury was down 6 basis points to 3.587%, after having surpassed the 4% mark last week. The yield on the policy-sensitive 2-year Treasury fell 5 basis points to 4.045%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

The moves appeared to be helping the stock market, as futures traded sharply higher Tuesday. Stocks also rallied Monday.

Markets also continued to absorb the unexpected decline of the U.S. Purchasing Managers’ Index data for the manufacturing sector, which measures factory activity.

That comes as the Federal Reserve maintains a hawkish tone about interest rates hikes, with speakers from the central bank emphasizing that lowering persistent inflation is a top priority for them.

Various Fed speakers are due to make remarks on Tuesday, which traders will pay close attention to in light of growing fears of a recession brought on by rate hikes being implemented too quickly.

Tuesday will also bring insights into the labor market as job openings data for August is released.  

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Business

Stock futures fall after S&P 500 hits new low for the year; 10-year Treasury yield briefly tops 4%

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CNBC Pro: Credit Suisse says now’s the time to buy two green hydrogen stocks — and gives one over 200% upside

Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts set to drive the clean energy powerhouse.

“Green hydrogen is a growth market — we increase our 2030 market estimates by [over] 4x,” the bank said, forecasting that green hydrogen production will expand by around 40 times by 2030.

It names two stocks to play the boom — giving one upside of more than 200%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

U.S. 10-year Treasury yield breaches 4% for the first time since 2010

CNBC Pro: Asset manager reveals what’s next for stocks — and shares how he’s trading the market

Neil Veitch, investment director at Edinburgh-based SVM Asset Management, says he expects the macro landscape to remain “quite difficult” for the remainder of the year.  

Speaking to CNBC Pro Talks last week, Veitch named the key drivers that could help the stock market to turn “more constructive” and shared his take on growth versus value.

CNBC Subscribers can read more here.

— Zavier Ong

Earnings questions, potential recession mean more selling could be ahead

The Dow and S&P 500 have fallen for six straight days, with many of those seeing broad selling typical of so-called “washout” days.

That can sometimes be a contrarian buy signal on Wall Street, but many investment professionals are skeptical that the selling is over. One reason is that earnings expectations for next year still show solid growth, which would be unlikely in the event of a recession.

“We know that if we start seeing a turnaround in the 2-year yields … and if we start seeing a turnaround in the dollar, that gives us the ability to bounce from these extremely oversold conditions,” said Andrew Smith, chief investment strategist of Delos Capital Advisors in Dallas. “But I have a hard time reconciling in my mind that the earnings story is going to be as good as we expect.”

Additionally, the dramatic moves in the bond and currency markets means that “something broke” and it may be smart to wait for that information to shake out, Smith said.

On the positive side, Smith pointed to a strong labor market and signs of continued spending on travel as a sign that the U.S. economy may be able to avoid a major recession.

— Jesse Pound

Futures open higher

Stock futures rose slightly after trading began at 6 p.m. Dow futures rose more than 60 points at one time, though those gains have since shrunk.

Nasdaq 100 futures had the biggest early jump of three, suggesting that tech may continue to outperform on Wednesday.

— Jesse Pound

S&P 500 takes out June low on Tuesday

Though Tuesday’s closing levels showed relatively modest daily moves, the S&P 500 fell below its previous intraday low for the year during the session. That move was seen by many as confirmation that the summer rally for stocks has failed.

The S&P 500 is now 24.3% off of its record high, and the Dow is also in bear market territory, down roughly 21.2%. The Nasdaq Composite, whose decline dates back to last November, is 33.2% below its high-water mark.

The next key metric for investors in the days ahead could come from the bond market, where the 10-year Treasury yield has surged to just below the 4% level.

— Jesse Pound, Christopher Hayes

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Business

10-year Treasury yield falls as markets digest Fed rate hike

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The yield on the benchmark 10-year Treasury fell on Friday as markets adjusted to the Federal Reserve’s interest rate hike and attention turned toward flash PMI (Purchasing Managers’ Index) data for September that is due to be released later in the day.

The 10-year Treasury note last traded at 3.6946%, down 1 basis point as of 4:12 a.m. ET. It had hit an over 11-year high on Thursday, rising to above 3.71% after gaining almost 20 basis points.

The policy-sensitive 2-year Treasury continued to hover around 4.1% after having risen off the back of the Federal Reserve’s interest rate hike. On Thursday, it had soared as high as 4.163% — a level not seen since October 2007.

Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

September flash PMI data is set to be released on Friday, giving markets preliminary insight into the economic state of the manufacturing and services industries for the month. PMI data is used as a key indicator for inflation and recession concerns as it reflects whether industries are growing or shrinking, as well as supply and demand.

Analysts are expecting the services sector to inch higher after contracting sharply in August. Meanwhile, growth in the manufacturing industry is set to drop, after slowing down close to 2020 levels last month.

Markets are also digesting the Federal Reserve’s 75 basis point interest rate hike that was announced on Wednesday as the central bank tries to curb inflation. Federal Reserve chairman Jerome Powell is set to give a speech with further insights on Friday.

 

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Sports

Austin Riley signs 10-year deal with Braves

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ATLANTA — Life is good for Austin Riley. The Braves third baseman ended July by breaking one of Hank Aaron’s records and he started August by learning he’ll have a chance to stay in Atlanta for at least another decade. 

Riley and the Braves agreed to a 10-year, $212 million contract on Monday. This deal, the most lucrative in franchise history, includes a $20 million option for 2033, when the All-Star slugger will be 36 years old.

“How he plays the game and the consistency with which he does everything, is unbelievable,” Braves manager Brian Snitker said. “He does everything right and checks all the boxes to be that guy.”

As Riley has established himself as one of the game’s best players over the past two years, he has given the Braves reason to make him one of their cornerstones. First baseman Matt Olson is signed through 2029, right fielder Ronald Acuña Jr. has a club option through 2028 and Ozzie Albies has a club option through 2027.

Thanks to the success of The Battery Atlanta, last year’s World Series title and 29 sellouts this year, the Braves believe they could soon have one of the game’s top five payrolls. So, there’s a chance the club will also attempt to make Max Fried and Dansby Swanson a part of the long-term future. 

With this deal, the Braves bought out three arbitration years for Riley, who will make $15 million in 2023, $21 million in 2024 and $22 million per season over the remainder of the deal.

Olson will make $21 million in 2023 and then draw $22 million annually from 2024-29. Acuña’s deal should continue to be quite valuable as he will not make more than $17 million through 2028, when the second of two club options would expire. As for Albies, he will not make more than $7 million through 2027, when the second of his two club options would expire. 

Riley just completed one of the greatest months in Braves history, hitting .423 with 11 homers and a 1.344 OPS in July. He set a franchise record with 26 extra-base hits, breaking the mark Aaron set when he tallied 25 extra-base hits in July 1961.

“He might be the best right-handed hitter in the league right now,” D-backs starting pitcher Merrill Kelly said after facing Riley on Sunday.

Riley has hit .302 with 62 homers and a .924 OPS since the start of the 2021 season. He ranks second among all Major League third basemen with a 9.2 fWAR (Fangraphs’ Wins Above Replacement Model), trailing only the Guardians’ José Ramírez (11.3) within this span.

“We’re watching a superstar right now,” Braves right-hander Kyle Wright recently said of Riley.

Riley is currently hitting .301 with 29 homers and a .964 OPS, which ranks second among NL players, trailing only Paul Goldschmidt (1.012). His MLB-best 61 extra-base hits put him on pace to total 95 this year. Aaron set the franchise record with 92 XBH in 1959. The Orioles’ Chris Davis (96 in 2013) was the most recent MLB player to record at least 95 XBH in a season.

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Business

Here’s what a 3% yield on the 10-year Treasury means for your money

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d3sign | Moment | Getty Images

As the yield on the 10-year U.S. Treasury pushes ever closer to 3% — a symbolic level not seen since late 2018 — financial analysts have described how it could affect people’s finances in a number of ways.

Last week, the 10-year rate hit 2.94%, its highest point in more than three years. That’s also a big jump from where the 10-year started the year, at around 1.6%. It’s significant because it is considered the benchmark for rates on all sorts of mortgages and loans.

Soaring inflation, exacerbated by the Russia-Ukraine war, has led to concerns that this could hurt consumer demand and drag on economic growth. In addition, there are fears that the Federal Reserve’s plan to curb rapidly rising prices by aggressively hiking its own funds rate and generally tightening monetary policy could also tip the economy into a recession.

As a result, investors have been selling out of bonds, which pushes yields higher as they have an inverse relationship. So what would it mean for your money if that rate hits 3%?

Loans and mortgages

One consequence of rising yields is higher borrowing costs on debt, such as consumer loans and mortgages.

For instance, Schroders Investment Strategist Whitney Sweeney told CNBC via email that the effect of a higher 10-year yield on college loans will be felt by those students taking federal loans for the upcoming school year.

“The rate is set by Congress who approves a margin applied to the May 10-year treasury auction,” she said, but highlighted that the rate is currently zero for existing federal student loans due to pandemic relief measures.

In addition, Sweeney said private variable-rate student loans would be expected to rise as the 10-year Treasury yield climbs.

Sweeney said mortgage rates tend to move in line with the 10-year Treasury yield. “We’ve already seen a significant uptick on mortgage rates since the start of the year,” Sweeney added.

Bonds

Meanwhile, ING Senior Rates Strategist Antoine Bouvet told CNBC via email that higher interest rates on government debt would also mean higher returns on savings placed in fixed-income securities.

“This also means pensions funds have less difficulties investing to pay future pensions,” he added.

In terms of stock market investments, however, Bouvet said that higher bond interest rates would likely make it a more challenging environment for sectors with companies that tend to hold more debt. This is something that has been associated with technology companies and part of the reason this sector has seen more volatility recently.

Similarly, Sweeney pointed out that when yields were closer to zero, investors had little choice but to invest in riskier assets such as stocks to generate returns.

But as the 10-year Treasury yield approaches 3%, she told CNBC via email that both cash and bonds were becoming “more attractive alternatives as you are getting paid more without taking on as much risk.”

Sweeney said that shorter-dated bonds, in particular, can look more attractive, given this is where significant interest rate hikes have already been priced in.

Stocks

Wells Fargo Senior Macro Strategist Zach Griffiths told CNBC on a phone call that it was also important to understand what higher yields would mean for companies’ future cash flows, when looking at investing in stocks.

He said that one way to value stocks was to project forward the level of free-cash flow the company is expected to generate. This is done by using a discount rate, which is a type of interest rate, informed by Treasury yields. Discounting back to the current cash-flow level comes up with an intrinsic value for a company.

“When the rate used to discount those future cash flows back to the present is low, then the present value of those cash flows (i.e. intrinsic value of the company) is higher than when rates are high due to the time value of money,” Griffiths explained via email.  

Nevertheless, Griffiths said stocks had broadly managed to withstand the uncertainty presented by higher inflation, geopolitical tensions and a more hawkish tone on policy from the Fed.

Griffiths also highlighted that a 3% yield on the 10-year Treasury yield was very much a “psychological level,” given it wouldn’t represent much of an increase from the current rate. He said Wells Fargo expected that the 10-year yield could finish the year above 3%, and didn’t rule out it hitting 3.5% or 3.75%, but stressed that wasn’t the firm’s “base case.”

Check out: How to protect your savings as inflation soars

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Entertainment

Will Smith latest news: Chris Rock jokes about slap during comedy gig as actor gets 10-year ban

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Moment Will Smith slaps Chris Rock at the 2022 Oscars

It’s been nearly two weeks since Will Smith slapped Chris Rock at the 2022 Oscars.

The Academy convened yesterday (8 April) to decide on what “consequences” Smith will face for the incident, which saw the actor hit Rock on stage and swear at him after the comedian made a joke about his wife, Jada Pinkett Smith.

“Jada, I love you. GI Jane 2, can’t wait to see you,” Rock had joked, in an apparent reference to Pinkett Smith’s shaved head. Pinkett Smith stated last year that she shaved her head after struggling with alopecia.

Smith, who won the Best Actor prize later in the ceremony, walked on stage and struck Rock, before shouting at him: “Keep my wife’s name out your f***ing mouth.”

In a statement issued after the incident, the Academy “condemned” Smith’s actions, and said an investigation was being launched into prospective sanctions.

“The Academy condemns the actions of Mr Smith at last night’s show,” said the organisation. “We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law.”

Smith subsequently resigned from the Academy, but some have speculated that he could be stripped of his Best Actor prize – which he won during this year’s ceremony, for his role in the tennis biopic King Richard.

Follow live updates below.

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Full story about Chris Rock’s quotes from last night below.

Attendees were reportedly forbidden from bringing mobile phones into the gig, and were made to leave them in sealed pouches.

I don’t believe this is hugely uncommon for high-profile stand-ups touring new material – especially when there’s as much of a media frenzy as there is around Rock right now.

Louis Chilton9 April 2022 15:11

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Chris Rock reportedly briefly addressed to the latest developments during a stand-up set in Palm Springs last night.

California-based paper Desert Sun quotes the comedian as saying: “I’m OK, I have a whole show and I’m not talking about [the Will Smith incident] until I get paid.

“Life is good. I got my hearing back,” he joked.

Louis Chilton9 April 2022 14:41

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While it may be possible that Smith receives another Oscar nomination over the next ten years, it’s far from a given.

Prior to his win for King Richard, Smith had only been nominated two times, with the most recent nod coming in 2007, for The Pursuit of Happiness.

Before that, he had been in contention for Best Actor for his role in Ali in 2002, but ultimately lost out to Denzel Washington (for Training Day).

Louis Chilton9 April 2022 14:13

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Chris Rock has yet to issue any sort of response to the Will Smith verdict – not that he needs to, of course.

The comedian was praised by the Academy in their letter announcing Smith’s ban.

Last week, Rock briefly addressed the incident during a stand-up performance, telling audience members that he was “still processing” what had happened.

Louis Chilton9 April 2022 12:34

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For anyone who missed the news last night and is just tuning in now: the Academy has announced its verdict on Will Smith.

The actor will be banned from attending all Academy events, both in-person and virtually, for 10 years.

His Oscar win for King Richard will not be revoked, however, and Smith will still be eligible to win additional Oscars during the period of his ban.

Reactions to the news have inevitably been mixed, but the general feeling on social media seems to be that the decision was a harsher one than many were were expecting.

Louis Chilton9 April 2022 11:11

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Smith may be a persona non grata at the Oscars for the next 10 years, but that doesn’t neccessarily mean his film work is going to dry up.

A high-budget AppleTV+ thrilled entitled Emancipation is already in post-production, with the film expect to be released later this year.

Smith was also slated to feature in a third sequel to Bad Boys, as well as a feature for Netflix called Fast and Loose.

The status of these last two projects remains a little more precarious, however, with filming having not yet begun. Some reports have claimed that the Netflix film has been placed “on hold” following Smith’s Oscar incident, but there’s been nothing official on it yet.

Louis Chilton9 April 2022 09:47

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Rapper 50 Cent is among those to criticise the punishment doled out to Smith, describing it in a tweet as being “too harsh”.

“Got Damn they doing Will dirty,” he wrote. “This is too harsh so he cant come back till he 63 years old.”

Louis Chilton9 April 2022 08:33

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Smith is not the first star to have left the Academy under acrimonious circumstances. Here’s a full list:

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Here’s Will Smith’s response to the announcement that he will be banned from the Oscars, as well as other Academy events, for the next ten years:

Kevin Perry9 April 2022 03:36

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To recap today’s news, although Will Smith has been banned from the Academy for 10 years, he will still be able to be nominated for future Oscars. Here’s the full story:

Kevin Perry9 April 2022 03:05

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Business

10-year Treasury yield rises above 2.6% after Brainard speech

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The 10-year Treasury rose Wednesday to levels not seen since 2019, as investors weighed remarks from Federal Reserve Governor Lael Brainard and awaited the latest insights into the central bank’s policy tightening.

The benchmark rate traded around 2.67%, near its highest level since March 2019, as it stages a massive two-day jump. The 10-year closed Monday at around 2.4%.

Wednesday’s move put the 10-year well above its 2-year counterpart, which traded at 2.571%. The 2-year had recently been trading above the 10-year triggering a so-called yield curve inversion.

The yield on the 5-year U.S. government bond moved to 2.779%, and the 30-year Treasury yield rose to 2.669%. Yields move inversely to prices, and 1 basis point is equal to 0.01%.

Brainard, who normally favors easy policy and low rates, said the central bank needs to move quickly to drive down inflation.

“Inflation is much too high and is subject to upside risks,” she said in prepared remarks Tuesday. “The Committee is prepared to take stronger action if indicators of inflation and inflation expectations indicate that such action is warranted.”

Investors are also awaiting the minutes from the previous Fed meeting, due out on Wednesday afternoon, for any clues to the central bank’s plan for tightening monetary policy.

Stock picks and investing trends from CNBC Pro:

— CNBC’s Vicky McKeever contributed to this market report.

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Business

10-year Treasury yield rises back near 2.5%

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U.S. Treasury yields rose and remained inverted on Tuesday morning, amid concerns that a recession may be on the horizon.

The yield on the 2-year Treasury note climbed 4 basis points to 2.469% around 7:15 a.m. ET, while the benchmark 10-year Treasury yield gained 5 basis points at 2.463%. The yield on the 5-year U.S. government bond moved 6 basis points higher to 2.613% and the 30-year Treasury yield added about 4 basis points to 2.519%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

5-year and 30-year Treasury yields inverted at the beginning of last week for the first time since 2006. 2-year and 10-year Treasury rates, which is the main part of the yield curve watched by investors, then flipped on Thursday for the first time since 2019.

Yield curve inversions have historically occurred prior to recessions, as investors signal their doubts about the near-term health of the economy by selling out of short-dated bonds in favor of longer-dated debt. There are concerns that the Federal Reserve’s aggressive hiking of interest rates, along with rising inflation, could weigh on economic growth.

Not everyone is convinced, however.

Longview Economics CEO Chris Watling told CNBC’s “Squawk Box Europe” on Tuesday that while the inversion of the yield curve is an indicator of an economic downturn, it is “one of many and it’s really the only one that’s signaling recession risk at the moment and it can be extremely early, up to two years early.”  

Stock picks and investing trends from CNBC Pro:

Investors will be poring over the minutes from the previous Fed meeting, due out on Wednesday afternoon, for any clues to its plans for tightening monetary policy.

On Tuesday, Fed Governor Lael Brainard is due to speak about the variation in the experience of inflation in U.S. households, at the Federal Reserve Bank of Minneapolis Conference, at 10:05 a.m. ET.

February’s import and export data is set to be released at 8:30 a.m. ET. S&P Global’s final purchasing managers’ index readings for March are slated to come out at 9:45 a.m. ET, while ISM’s March non-manufacturing PMI is due to be released at 10 a.m. ET.

Meanwhile, Ukraine President Volodymyr Zelenskyy has pledged to pursue allegations of war crimes against Russian forces in occupied regions of the country. Zelenskyy on Tuesday is expected to address an emergency meeting of the United Nations Security Council.

There are no auctions scheduled to be held on Tuesday.

— CNBC’s Sam Meredith contributed to this market report.

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