US stocks: Wall Street futures fall as yields and oil rebound; Fed minutes in focus
SPY•U.S. stock futures fell Wednesday as Treasury yields and oil prices rose ahead of the Federal Reserve’s September meeting minutes. Dow, S&P 500 and Nasdaq futures were down 0.58%, 0.32% and 0.7%, respectively.
1. Futures decline
Wall Street futures slipped Wednesday as investors reassessed the outlook for interest rates and energy costs while awaiting the Fed’s September meeting minutes. Brent crude rose above $100 a barrel, and the 30-year Treasury yield reached 5.71%, its highest since 2002.
2. Market and earnings outlook
At 7:17 a.m. ET, Dow futures were down 0.58%, S&P 500 futures 0.32% and Nasdaq 100 futures 0.7%. Traders widely expect the Fed to hold rates steady in October, while a December hike remains possible. Analysts expect S&P 500 earnings to grow 30.6% in the third quarter, including estimated growth of 114.7% for energy and 66.5% for technology.
