Bond Yields Dragging Wall Street Into the Red

Stock futures look poised to extend yesterday's move lower, with bond yields as the culprit behind the move this morning. Futures on the Dow Jones Industrial Average (DJI) and S&P 500 (SPX) are pointed fairly lower, while Nasdaq-100 (NDX) futures head for a steep, 388-point selloff. The 30-year Treasury yield hit 5.32%, its highest levels since 2007, as persistently high oil prices and the inflation overhang plague the bond market. And lastly, Home Depot (HD) earnings impressed while AI infrastructure and semiconductor stocks start an early morning sell off and investors rotate out of tech.

Continue reading for more on today's market, including:

• Good news, S&P 500 bulls: there's sideline cash to fuel more gains.
• Lots of reasons to like Carrier Global stock.
• Plus, more on Home Depot; Tesla's news-heavy day; and Nike up off the mat.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.1 million call contracts and 1.4 million put contracts traded on Monday, the most in over a month. The single-session equity put/call ratio spiked to 0.65, while the 21-day moving average remained at 0.59. 
2. Home Depot Inc (NYSE:HD) stock is 1% higher ahead of the open after the beat-and-raise for the second quarter. HD could possibly reclaim its year-to-date breakeven level today, but is 15.4% lower in the last 52 weeks.
3. Tesla Inc (NASDAQ:TSLA) stock is 1.5% lower before the bell, even after The Information reported the company was rolling out its Cybercab robotaxi later this month. The electric-vehicle maker also announced a partnership with Enride to deploy 500 semis across North America. TSLA is nursing a 24.5% deficit in 2026.
4. The shares of Nike Inc (NYSE:NKE) are 0.5% higher in electronic trading, the retail giant looking to stabilize after yesterday trading at 12-year lows of $38.86. NIke stock is down 38.6% year to date, with pressure coming from its declining 80-day moving average.
5. More Dow names are ready to report earnings this week.

Bond Yield Selloff Goes Global

Asian markets finished mostly lower on Tuesday amid heightened geopolitical uncertainty. Japan's Nikkei tumbled 2.5%, as the country's 10-year government bond yield reached 2.945% -- its highest level since September 1996. South Korea's Kospi shed 1.6%, while China's Shanghai Composite added 0.2% and Hong Kong's Hang Seng edged 0.07% higher. China's refined oil product exports fell 12.9% year-over-year in July but rose 6.7% from the previous month after Beijing eased export restrictions.

European markets are also mostly lower today as rising bond yields and concerns surrounding a prolonged Middle East conflict weigh on sentiment. Germany's 10-year Bund yield reached its highest level since 2011, while France's 10-year yield hit a 17-year peak. At last check, Germany's DAX is down 0.3%, France's CAC 40 is 0.5% lower, and London's FTSE 100 is up 0.09%.