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Futures Prices for Stocks Decline as the 10-Year Treasury Yield Crosses 5% for the First Time Since 2007

The 10-year Treasury yield’s recent rise caught traders’ attention as stock futures declined on Friday morning.

17 points, or 0.05%, were lost by futures linked to the Dow Jones Industrial Average. Futures on the S&P 500 and Nasdaq 100 both decreased by roughly 0.15% and 0.32%, respectively.

First time in 16 years, the benchmark 10-year Treasury’s yield exceeded 5%. Around 5 p.m. ET, the 10-year yield reached 5.001%, the highest level it has traded above since July 20, 2007, when it reached a maximum yield of 5.029%.

As the firm reduced its sales projection for the third quarter, shares of SolarEdge fell 21% in after-hours trade. After outperforming expectations on both the top and bottom lines in the third quarter, Knight-Swift Transportation increased by 15%.

After a choppy day for equities, there is action. The 30-stock Dow dropped 250.91 points, or 0.75%, while the S&P 500 dropped 0.85%. Nearly 1% was lost by the Nasdaq Composite.

Following Jerome Powell’s speech in New York on Thursday, stocks were roiled. He stated that because inflation is still too high, slower economic growth will probably be required to control it. Powell added that he does not believe current interest rates are excessive.

Source (CNBC)

SourceCNBC
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