By Wayne Cole
SYDNEY (Reuters) – Asian shares tread cautiously on Monday ahead of a packed week of corporate earnings that should test the sky-high valuations of tech stocks, while investors hope a key reading in U.S. inflation will narrow the odds on a September rate cut.
Investors seemed well-prepared for news U.S. President Joe Biden had dropped out of the election race and endorsed Vice President Kamala Harris for the Democratic ticket.
Online betting site PredictIT showed pricing for a victory by Donald Trump had fallen 3 cents to 61 cents, while Harris climbed 11 cents to 38 cents. California governor Gavin Newsom, another possible Democratic challenger, trailed at 4 cents.
Markets took the news in their stride, with S&P 500 stock futures edging up 0.3%, while Nasdaq futures added 0.5%. Futures for 10-year Treasuries rose 3 ticks, while 10-year bond yields dipped 2 basis points to…
