U.S. Stock Futures Stall After 3rd Straight Loss as 30-Year Treasury Yield Hits 19-Year High
Updated
Updated · CNBC · Aug 17
U.S. Stock Futures Stall After 3rd Straight Loss as 30-Year Treasury Yield Hits 19-Year High
3 articles · Updated · CNBC · Aug 17
Summary
Dow futures rose 46 points early Wednesday, while S&P 500 futures slipped 0.1% and Nasdaq 100 futures fell 0.2% after Wall Street logged a third straight losing session.
The latest selloff followed a global bond rout and firmer oil prices: the 30-year Treasury yield hit a 19-year high, Japan's 10-year yield reached a three-decade peak, and long-dated German and French yields climbed to multi-year highs.
Tuesday's cash session was led lower by tech, with the Dow down 0.2%, the S&P 500 off 0.7% and the Nasdaq Composite dropping 1.3%, even as some investors argued strong growth and corporate earnings can absorb higher rates.
Asia echoed the pressure, with South Korea's Kospi tumbling 5.54%, Japan's Nikkei 225 falling 2.64% and China's CSI 300 losing 2.41%, while Hong Kong's Hang Seng edged up 0.2%.
Investors now turn to Wednesday's Fed minutes—after three July dissenters favored a rate hike—and to retail earnings from Target, TJX and Lowe's for clues on whether yields or profits will drive the next move.