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Happy Wednesday. Stock futures were falling as renewed hostilities between the U.S. and Iran boosted oil prices and sent bond yields higher.
The benchmark U.S. 10-year Treasury note yield hit a high of 4.814% on the day, its highest level since November 2023, according to CNBC.
Yields in the U.K., Germany and France also rose. In Japan, the 10-year government bond yield remained near a multidecade high.
Stocks closed lower on Tuesday, with the Dow Jones Industrial Average falling more than 400 points, amid concerns about the U.S.-Iran conflict, rising oil prices and surging bond yields.
“Renewed hostilities in the Middle East sent crude prices surging, driving Wall Street lower and global bond yields to multi-year – and in some instances, multi-decade – highs,” said Kyle Rodda, senior financial market analyst with Capital.com.
“The markets will be hopeful that the latest flare-up in tensions between the US and Iran is another attempt by the Trump administration to ‘escalate to de-escalate’.”
“A US rate and global oil sensitive Asian region looks vulnerable to a further pull back in the day ahead, with futures pointing to a potentially bearish session,” Rodda added.
Broadcom (AVGO), Snowflake (SNOW) and Hewlett Packard Enterprise (HPE) are among the companies scheduled to report earnings today.
Wall Street will also await ADP private payrolls data for August, as well as factory orders data and the Federal Reserve’s Beige Book.