“US futures take a hit as the tumultuous week of yield battering draws to a close, leaving investors on edge and the stock market on shaky ground.”
US stocks slipped ahead of the bell on Friday as benchmark Treasury yields retreated from a spike to 5% following comments by Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average and S&P 500 futures were both down, while contracts on the Nasdaq 100 also dropped. Powell’s statement reaffirming the Fed’s commitment to higher rates spurred gains in Treasury yields. Although the 10-year yield pulled back from 5%, there is still potential for further pressure on stocks. Additionally, strong financial reports have not been able to lift the downbeat mood in the market. The risk of the Israel-Hamas conflict escalating into a wider Middle East conflict is also weighing on investor sentiment.