Wall Street pointed lower early today, according to the Associated Press, potentially setting up another day of losses as sustained and elevated bond yields pull money from stocks. Futures for the S&P 500 and the Dow Jones Industrial Average ticked down 0.2% before the bell.
Global shares retreated as the prospect of a 5% yield on the 10-year U.S. Treasury for the first time since 2007 added to pressure on Wall Street, though the yield held steady below that level early this morning.
Rapidly rising bond yields have been squeezing Wall Street since the summer. The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday. Early today, it was 4.98%.
Fed Chair Jerome Powell said Thursday that the Fed could raise interest rates again if U.S. economic growth appears persistently strong. The Fed has raised rates to their highest level since 2001 hoping to curb price pressures by getting businesses and consumers to spend less.
Shares of SolarEdge tumbled 28% in off-hours trading after the solar technology company slashed its sales and profit expectations for the current quarter.
Oil prices rose again with escalating global conflict fueling supply concerns. A barrel of benchmark U.S. crude rose $1.21 to $89.58 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, picked up $1.16 to $93.54 per barrel.
In currency trading Friday, the U.S. dollar rose slightly to 149.93 Japanese yen from 149.78 yen.
