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.
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