Stock futures drift lower, oil loses more ground: Stock market news today

US stock futures were trading slightly lower on Tuesday morning, with contracts on the S&P 500 (^GSPC) and on the Nasdaq Composite (^IXIC) down less than 0.1%, while those on the Dow Jones Industrial Average (^DJI) slipped 0.13%.

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In the commodity market, wheat prices soared as much as 3% after Ukraine said Russian forces had blown up a giant dam in the country’s south, posing supply concerns for the Black Sea grain trade.

Meanwhile, oil continued to fall as optimism over Saudi Arabia’s plans for an extra million-barrel daily cut in crude output faded. WTI crude futures dropped 2.5% to $70.36 a barrel, while Brent futures fell 2.4% to $74.91 a barrel.

Treasury yields fell after the US government on Monday started to issue a wave of Treasury bills to rebuild its cash pile, which had been nearly drained over the last few months. The issuance of the new bills could impact liquidity in financial markets, and could have an adverse effect, according to investors and analysts.

The yield on the benchmark 10-year Treasury dipped to 3.66%. The two-year note yield slipped to 4.44%, while the 30-year bond traded down to 3.87%. Meanwhile, the dollar index was slightly higher at 104.13.

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Members of the media inspect the new Apple Vision Pro headset during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California. (Photo by Justin Sullivan/Getty Images)

In other news, investors are still digesting events at Apple’s (AAPL) Worldwide Developer Conference on Monday. The tech giant introduced its most ambitious hardware lineup in years, including a highly anticipated mixed reality headset, Apple Vision Pro.

Apple shares ticked down slightly to $178.69 in premarket trading Tuesday, after losing hold of a record intraday high around $185 a share on Monday to end lower.

Sentiment elsewhere in tech remained upbeat, with shares of Unity Software Inc. (U) climbing more than 3% in premarket trading following a shoutout during the Apple event. GitLab Inc. (GTLB) shares surged 26% after the software company posted an earnings beat in its first quarter, while providing positive guidance.

Elsewhere, Bitcoin’s price (BTC-USD) dropped to its lowest point in weeks, falling to below $26,000, as the crypto sector assessed the potential fallout from the SEC suit against Binance and its found Changpeng Zhao alleging violations of securities law. Associated crypto stocks edged up Tuesday, with shares of exchange Coinbase (COIN) adding 0.14% in premarket after closing with a 9% loss.

Elsewhere, Australia’s central bank hiked its key interest rate by 25 basis points for the second time in a row. The Australian dollar jumped 0.68% after the surprise move.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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