U.S. stock futures fell Wednesday, with Dow futures down 0.34%, S&P 500 futures down 0.14% and Nasdaq 100 futures down 0.41%, as Treasury yields and oil prices rose ahead of the Federal Reserve minutes. Brent crude moved above $100 a barrel, while the 30-year Treasury yield reached its highest level since 2002.
Wall Street futures slipped as investors reassessed interest rates and energy costs ahead of the release of minutes from the Federal Reserve’s September meeting. Brent crude rose above $100 a barrel as Middle East supply concerns persisted, and the 30-year Treasury yield reached its highest level since 2002, up 5.70%.
Traders saw a 78% chance that the Federal Reserve would hold rates steady this month, while a December rate hike remained largely priced in. Third-quarter earnings season begins next week; analysts expect aggregate S&P 500 earnings growth of 30.6%, including estimated gains of 114.7% in energy and 66.5% in technology.
Micron shares fell 2.2% and Marvell shares lost 1.2% in premarket trading. SpaceX shares fell 2.1% after it was reportedly seeking $40 billion in financing to buy Nvidia chips, while Intel rose 1.3% after it was reportedly continuing work on Elon Musk’s Terafab venture. Constellation Brands fell 4.5% after lowering its annual operating margin forecast.
