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U.S. equity futures edged lower in early Tuesday trading, while Treasury yields extended their recent run of gains, as investors looked to a key reading of domestic consumer strength and the start of the Federal Reserve's two-day policy meeting in Washington.
Updated at 6:58 AM EST
Pfizer shares higher after '25 outlook
Pfizer (PFE) shares jumped after the drugmaker unveiled fresh 2025 profit forecasts ahead of an Investor Day presentation prior to the opening bell.
Pfizer estimated revenue in the region of $61 billion to $64 billion, with adjusted earnings of between $2.80 and $3 a share, putting the midpoint just ahead of Wall Street's $2.88 consensus forecast.
Pfizer shares were marked 3.3% higher in premarket trading to indicate an opening bell price of $26.09 each.
Stock Market Today
Stocks ended mixed on Monday, with big gains for megacap tech stocks taking the Nasdaq to an all-time closing high and the Dow Jones Industrial Average extending its daily losing streak to eight, the longest since 2018.
Treasury bond yields were also in focus following S&P Global's stronger-than-expected reading of November business activity, which added to concerns that the economy would continue to run hot and stoke inflation early into the new year.
The Commerce Department's reading of November retail sales, due at 8:30 a.m. U.S. Eastern Time, will likely add to that concern, and possibly the Fed's near-term outlook for growth and inflation, which will be published tomorrow afternoon alongside its headline rate decision.
Economists are expecting a solid rebound in overall sales, powered in part by record spending over the Thanksgiving weekend, with a headline gain of 0.6% from the final October tally of $718.9 billion.
Benchmark 10-year yields were last marked at 4.424% heading into the start of the New York session, with traders eyeing a key market inflection point at 4.5%. Two-year paper was trading at 4.276%