Wall Street stumbled again early today as hopes for interest rate cuts slowly fade with the Federal Reserve seemingly resolute in its mission to curb inflation, according to the Associated Press. Futures for the S&P 500 slipped 0.4% before the bell, while Dow Jones Industrial Average futures sank 0.9%.
Rising bond yields have weighed on markets this week, though they settled modestly lower early this morning. The yield on the 10-year ticked down to 4.59% from 4.62% late Wednesday, while the two-year yield fell to 4.96% from 4.98%.
In premarket trading, software maker Salesforce skidded more than 15% after it posted first-quarter sales that fell short of Wall Street expectations.
Clothing retailer Kohl’s was getting hammered after surprising investors with a 24 cents-per-share loss in the first quarter when investors were expecting a profit of 5 cents per share.
Computer and printer maker HP jumped 5.8% on a strong earnings report, while clothing retailer American Eagle Outfitters slumped 8.5% after missing sales targets in its most recent quarter.
In the energy market, U.S. benchmark crude oil was flat at $79.23 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, declined 10 cents to $83.33 per barrel.
The U.S. dollar slipped to 156.73 Japanese yen from 157.65 yen.
