“Amidst a tumultuous week of relentless pressure from soaring yields, stocks finally see a glimmer of hope as the market braces for a potential rebound.”
US stocks slipped at the opening bell on Friday, following a sell-off spurred by comments from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average and the S&P 500 were both down about 0.2%, while the Nasdaq Composite dropped 0.4%. Powell’s remarks indicated that the Fed is committed to its “higher for longer” rates stance, causing gains in Treasury yields. The benchmark 10-year yield briefly rose to 5%, a level not seen since 2007. Despite strong financial reports, earnings have yet to lift the downbeat mood in the market. Additionally, the risk of the Israel-Hamas conflict escalating into a wider Middle East conflict is still weighing on markets. Some stocks leading in morning trading include Enphase Energy, Intuitive Surgical, Regions Financial Corp, and Knight-Swift Transportation. Stock futures were pointing to a lower open as the 10-year Treasury yield pulled back from its spike.