Stock futures opened flat to slightly higher Tuesday evening after a tech-led selloff during the regular trading day. Concerns over rising Treasury yields and sparring among Washington lawmakers over the debt ceiling and government funding weighed heavily on equities.
Contracts on the Nasdaq ticked up. The index closed out Tuesday's regular session lower by 2.8%, posting its biggest drop since March. The S&P 500 and Dow also fell sharply.
The decline in technology stocks came as Treasury yields rapidly rose to multi-month highs, with the swift move higher in borrowing costs pressuring valuations for growth and technology stocks. The yield on the benchmark 10-year note spiked to as much as 1.56%, or its highest level since June. The 10-year yield has also risen markedly over a relatively short period of time, gaining more than 16 basis points from its low from last Friday to its peak on Tuesday.
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