Wall Street rose modestly in premarket trading but remained on track to log its first losing week since early September, with higher Treasury yields luring investors away from equities, according to the Associated Press. Futures for the S&P 500 rose 0.3% before the bell, and futures for the Dow Jones Industrial Average edged 0.2% higher. At Thursday’s close, the Dow was down 2.1% for the week, while the S&P 500 had given back 0.9%.
Stocks have been retreating for days after the S&P 500 and Dow reached record heights last week. They’ve been hurt by rising Treasury yields in the bond market that make investors less willing to pay a premium for stocks, the prices of which in many cases have risen more rapidly than corporate profits.
Capri Holdings lost about half its value overnight after a U.S. District judge halted the merger between the makers of Coach and Michael Kors handbags, saying the tie-up with Tapestry would reduce competition and hurt consumers. The ruling came six months after the FTC sued to block Tapestry’s $8.5 billion acquisition of Capri. Capri shares dove more than 47% after hours, to about $21.88 per share. Tapestry shares climbed more than 15% to $51.25.
Decker Outdoors jumped more than 13.2% after the maker of Ugg and Hoka footwear blew past Wall Street’s sales and profit expectations.
Newell Brands climbed nearly 12% after the owner of Graco and Rubbermaid beat profit targets as its margins improved. The company also raised its full-year outlook.
Benchmark U.S. crude picked up 55 cents to $70.74 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 52 cents to $74.55 per barrel.
The dollar was trading at 151.99 yen, up from 151.89 yen.
