S&P 500, Nasdaq futures slip as yields stay high, Tesla slides
Futures tracking the S&P 500 and Nasdaq fell on Thursday as the 10-year Treasury yield held above 4% on bets of tighter monetary policy for a longer period, while Tesla sank after it gave few details about its much-awaited affordable electric vehicle.
After a weak performance in February, Wall Street indexes began March on a volatile note as fresh evidence of persistent price pressures and comments from Federal Reserve policymakers fueled worries about the U.S. central bank staying hawkish for longer.
The yield on 10-year Treasury notes – the benchmark for global borrowing costs – raced further above the 4% level on Thursday to touch a fresh four-month high of 4.046%.
Meanwhile, the 2-year yield eased slightly from 15-year highs hit earlier in the session.
A Labor Department report at 8:30 a.m. ET is expected to show initial jobless claims rose to 195,000 in the week ended Feb. 25, after it climbed to 192,000 in the previous week.
This report’s information was first seen on REUTERS; to read more, click this link.