US stock futures climbed on Tuesday as investors remained optimistic about artificial intelligence and upcoming earnings, despite a global bond sell-off and rising diesel costs. Contracts for the Nasdaq-100 rose by 0.1% following a fresh record high for the Nasdaq Composite, driven by all-time highs in Nvidia shares and other technology names. Futures on the Dow Jones Industrial Average also rose by 0.1%, while S&P 500 futures moved slightly above the flat line, with the index now less than 1% away from its own record high.
Rising bond yields continue to weigh on market sentiment. The 10-year yield sits at 5.31%, marking its highest closing level in 24 years. The 30-year yield stands at 5.66%, its highest since 2002. These levels reflect a significant shift in the debt market that has yet to deter equity investors from their bullish stance on tech stocks.
Tech shares gained ground on Monday after Foxconn, a Taiwanese partner of Nvidia, reported healthy earnings. The results signal strong global demand for AI infrastructure, a factor that has helped Nvidia's market capitalization approach the $6 trillion mark. While the broader economic calendar remains quiet, investors are focused on upcoming corporate results from Constellation Brands and Lamb Weston Holdings, which are scheduled to report on Tuesday.
In energy markets, oil prices declined on Tuesday as resilient Middle Eastern crude exports and a G7 emergency stockpile release eased supply concerns. However, attacks by Yemen's Houthis on Saudi targets have kept traders wary of risks to Gulf supplies. According to shipping data released on Monday, crude exports from the Middle East exceeded pre-war levels on four days during the last week of September, underscoring the resilience of regional oil flows despite attacks on ships passing through the Strait of Hormuz.
KCM Trade chief analyst Tim Waterer noted that oil is little changed after the previous day's decline as traders digest a modest easing in supply-side anxiety. He observed that increased Saudi exports and the G7's release of strategic reserves are currently holding prices in check, even as Brent hovers near the $100 level.