Stock Futures Flat Amid Rising Bond Yields and Fed Comments
U.S. stock futures remained nearly unchanged on Thursday evening, with the Dow Jones Industrial Average poised to record its fourth consecutive weekly loss. Treasury yields continued rising, reaching a high of 5.225% for the 10-year note—the highest since 2007—and 5.502% for the 30-year yield. The increase was driven by hawkish remarks from Federal Reserve Governor Michael Barr and elevated energy prices due to ongoing tensions in Iran. Mortgage rates also climbed, reaching 7.45%, a level not seen since early 2024, signaling higher borrowing costs for consumers ahead of the midterm elections. Morgan Stanley economist Heather Berger noted that these trends could dampen consumer spending and contribute to slower consumption growth next year. The S&P 500 and Nasdaq Composite showed modest weekly gains despite broader market pressures. Traders will closely watch Friday’s University of Michigan consumer sentiment report and durable goods data for further clues on economic health.
Tickers: $MS
Topics: bond yields consumer borrowing costs Federal Reserve stock market