Further increases in bond yields are likely to weigh on US stock markets again on Thursday. The 10-year US bond yield has hit its highest level since late 2007. Investors fear that rising interest rates combined with stubbornly high inflation could stall the economy. The S&P futures are down 0.4 percent premarket and the Nasdaq futures are down 0.7 percent.
Observers blame the Tesla share, which lost 5.8 percent before the market, for the clearer minus in the technology segment. The electric car maker reported record profits, but analysts had expected more.
Alcoa’s figures (-9.6%) were also received with disappointment. IBM (+2.9%), on the other hand, performed well on an adjusted basis. American Airlines and Philip Morris, among others, will present figures on Wednesday.
In addition, the market has to process some economic data. Released are initial jobless claims from the previous week, the Philadelphia Fed index for October, the index of leading indicators for September and data on existing home sales, also from September.
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(END) Dow Jones Newswires
October 20, 2022 06:39 ET (10:39 GMT)
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