Wall Street set to open lower as oil jump and high yields fuel inflation concerns
SPY•U.S. stock futures fell as oil prices surged and the 10-year Treasury yield stood at 5.32%, close to its highest level since 2002. Dow, S&P 500 and Nasdaq futures were down 0.72%, 0.41% and 0.68%, respectively.
1. Futures fall
U.S. stocks were set to open lower as oil prices surged and Treasury yields hovered near multi-year highs, stoking inflation concerns. Brent crude futures jumped 4.9% to more than $105 a barrel, while the 10-year Treasury yield stood at 5.32%.
2. Stocks and earnings
Megacap growth stocks and chip-related companies traded lower. PepsiCo cut its annual core profit forecast and said it would pursue additional spending cuts; its shares rose 1.5% in volatile trading. The S&P 500 was expected to post a 30.6% increase in quarterly earnings, based on data compiled by LSEG.
