Dow mini futures slipped to 38

Dow Mini Futures slipped to 38,420 as bond yields ticked up. With the Fed’s preferred inflation gauge due Friday, futures traders are trimming exposure, anticipating a potential hawkish surprise. Stock indexes are in the midst of a 5.5-month-long rally that pushed the S&P 500, the Dow Jones Industrial Average, and the Nasdaq 100 to record highs last week, driven by strong earnings growth, the Fed’s easing measures without a recession, and global fiscal policy easing.  Stocks extended their gains on Monday after US Aug pending home sales rose more than expected by the most in 5 months. The USD/JPY pair rose 0.25% to 147.619 in morning trading, sending the Nikkei 225 1.67% higher. The softer yen and the Nikkei’s gains boosted demand for US stock futures. Dow Mini Futures drifted sideways at 38,465 in late Asian trading, with volume muted ahead of U.S. jobless claims data. Short-term technical charts point to consolidation, as the RSI remains neutral at 52, indicating a lack of strong directional bias.