Rising Oil, Treasury Yields Pressure Stock Futures

Stock futures are lower this morning, as rising oil prices and Treasury yields pressure Wall Street just one day after the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) scored fresh record closes. Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) are down triple digits, while SPX futures are firmly lower as well.

West Texas Intermediate (WTI) crude is back above $90 per barrel amid renewed Middle East tensions, while the 10-year Treasury yield jumped nearly 8 basis points to 5.35%, its highest level since 2002. Bond markets will remain in focus, with the Treasury set to auction $39 billion in 10-year notes today. Investors are also awaiting the release of the September Federal Open Market Committee (FOMC) meeting minutes, due out today at 2 p.m. ET.

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

• Contrarian indicator could mean more market upside, per Schaeffer's Senior Quantitative analyst Rocky White.
• Signal says this Blockchain stock could be ready to rebound.
• Plus, 3 stocks moving after upbeat quarterly results. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.2 million call contracts and 1.3 million put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.57, while the 21-day moving average remained at 0.59. 
2. Neogen Corp (NASDAQ:NEOG) is up 13.5% premarket, after the food safety company reported better-than-expected fiscal first-quarter results and lifted its full-year guidance. Coming into today, NEOG is up 71.1% year to date. 
3. AI infrastructure stock Penguin Solutions Inc (NASDAQ:PENG) is up 4.4% before the bell, after fiscal fourth-quarter results surpassed expectations. The company also lifted its full-year forecast and appointed Stephen Cumming as Senior Vice President and Chief Financial Officer. No fewer than four analysts lifted their price targets after the event, including Rosenblatt Securities to $100 from $80. Year to date, the equity is up 228.3%. 
4. Constellation Brands Inc (NYSE:STZ) shares are down 3.8% in electronic trading, despite beating fiscal second-quarter earnings and revenue estimates. Beer depletions, a key metric for the beverage company, declined, however. STZ is down 15% since the start of the year. 
5. This week is fairly quiet, with FOMC meeting minutes today's main focus. 

Japan Bond Yields Buck Global Trend

Asian stocks were mostly lower. Bond yields in Japan eased, after a Bank of Japan (BoJ) policy board member voiced support for gradual rate hikes. Nevertheless, Japan’s Nikkei shed 0.9%. Rounding out the region, Hong Kong’s Hang Seng gave back 0.6%, and the South Korean Kospi fell 2%. China’s Shanghai Composite remained close for the Golden Week holiday.

European bourses are sharply lower, as oil prices hold above $100 amid renewed tensions in the Middle East. Average U.K. home prices were flat in September, with London’s FTSE was last seen down 0.7%. Germany’s DAX and France’s CAC are both off 1.3%, respectively.