US pre-open: Futures little changed as Treasury yields remain in focus

Wall Street futures were modestly higher ahead of the bell on Wednesday as Treasury yields remained firmly in focus.

As of 1215 BST, Dow Jones futures were up 0.09%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.11% and 0.15% firmer, respectively.

The Dow closed 173.14 points lower on Tuesday, extending losses recorded ahead of the three-day Labor Day breather.

Treasury yields were again in focus prior to the open, with the yield on the benchmark 10-year Treasury note rising more than 11 basis points to 3.314%, while its 2-year counterpart rose about eight basis points to 3.481%.

Wednesday's moves come after the 10-year note jumped to its highest level since June in the previous session and the rate on the 30-year Treasury closed at its highest level since 2014.

Bitcoin was also drawing an amount of investor attention, with the cryptocurrency moving below $19,000 per coin early on Wednesday, its lowest level since June.

On the macro front, mortgage applications decreased 0.8% in the week ended 2 September, according to the Mortgage Bankers Association of America, with the refinance index slipping 1% from the previous week and 83% when compared to the same week a year earlier, while the seasonally adjusted purchase index decreased 1% week-on-week.

Still to come, balance of trade data for July will be published at 1330 BST, while the Federal Reserve's Beige book, its summary on current economic conditions, will follow at 1900 BST.

Market participants will also be closely watching speeches from a number of central bankers throughout the course of the day, with Federal Reserve Bank of Richmond president Thomas Barkin, Cleveland president Loretta Mester and vice chair Lael Brainard speaking at 1400 BST, 1500 BST, and 1735 BST, respectively.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com