S&P 500 futures dipped a little on Thursday as investors remained concerned about rising rates, as they have been throughout this year’s extremely difficult month and quarter for stocks.
Futures associated with the larger index decreased by 0.1%. The futures for the Dow Jones Industrial Average remained unchanged. The loss in several tech shares caused the Nasdaq 100 futures to fall by 0.2%.
The yield on the standard 10-year Treasury note in the United States reached a new 15-year high in early trade on Thursday as data released on Thursday revealed a still robust labour market with unemployment claims coming in lower than anticipated. In recent times, the bond market has served as a leading indicator for the stock market, with any increase in rates sparking concerns about an impending recession and sending stocks to record lows. The 10-year yield achieved its highest level since 2007 this week, while the S&P 500 fell to its lowest level since June.
After releasing mediocre earnings expectations for the upcoming quarter, Micron Technology saw a more than 4% decline. The price of major megacap tech shares fell in premarket trading, including those of Microsoft, Apple, and Amazon.
Trading has had a challenging month and quarter, which ends on Friday. By Wednesday’s closing, the Dow was on track to conclude 3.4% down than it started the month and 2.5% worse than it started the quarter. The S&P 500 is anticipated to end the month down 5.2% and the third quarter down around 4%. The Nasdaq will likely end the month and the quarter down 6.7% and 5%, respectively.
Source (CNBC)
