Dow futures hit three-month low as yields surge, Micron earnings offer support
SPY•Dow futures fell 0.52% to a more than three-month low as Treasury yields reached their highest levels since 2002, while Micron’s forecast of quarterly revenue above market expectations supported chip stocks.
1. Yields pressure futures
Dow futures slipped to a more than three-month low as inflation concerns and rising government debt pushed Treasury yields to multi-decade highs. The 10-year yield reached 5.32% and the 30-year yield 5.66%, their highest levels since 2002.
2. Micron lifts chip stocks
Micron forecast quarterly revenue above market expectations and said customer commitments under supply agreements had increased to $32 billion. Its shares dipped about 1% in premarket trading, while Lam Research and Applied Materials each rose 1.8%, and Nvidia and AMD gained about 1%.
3. Other market moves
At 04:48 a.m. ET, S&P 500 futures were down 0.02% and Nasdaq 100 futures were up 0.29%. Alphabet rose 2.3% after announcing its Gemini 4 flagship AI model; the VIX hit a two-week high and was last at 16.84.
