Stock futures held near the flatline Wednesday evening after the S&P 500, Dow, and Nasdaq Composite each fell for a third straight session. Rising Treasury yields and a spike in oil prices kept pressure on stocks ahead of two inflation reports due later this week.
Stock futures traded little changed Wednesday evening as traders looked ahead to the first of two inflation reports due this week. Futures tied to the Dow Jones Industrial Average advanced 55 points, or 0.1%. S&P 500 futures added 0.04%, and Nasdaq-100 futures were marginally lower.
Major averages fall for a third day
The muted futures action follows a third straight losing session for the major averages. The Dow lost just over 400 points, or 0.8%. The S&P 500 fell 0.5%, and the Nasdaq Composite declined 0.6%.
Treasury yields hit a multi-year high
Higher Treasury yields kept the stock market under pressure after the Treasury Department said it would buy back up to $6 billion in longer-term debt, triple the usual amount. Following the move, the yield on the 10-year Treasury note climbed to a session high of 4.857%, its highest level since November 2023. The jump also pushed the rate on a 30-year fixed mortgage to 6.97%, its highest level since May 30, 2025.
Oil prices surge on U.S.-Iran tensions
Rising oil prices amid escalating tensions between the U.S. and Iran also weighed down stocks. Brent crude futures advanced 3.4% to close at $101.21 a barrel. West Texas Intermediate crude futures advanced 3.3% to end at $96.05, and both saw their highest settlement prices since May.
Two inflation reports loom
The recent surge in oil prices comes as traders set their sights on two inflation reports due this week. August's producer price index comes out Thursday morning, with economists polled by Dow Jones expecting a monthly gain of 0.3% and a 5.3% advance year over year. The consumer price index follows on Friday, with the Dow Jones consensus calling for a 0.4% jump in August and a 12-month increase of 3.4%.
Source: CNBC
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