Wall Street Set to Open Lower on Yields and Oil
US stocks are poised for a lower open as rising oil prices and high Treasury yields fuel inflation worries. Brent crude jumped and bond yields hovered near multi-year highs ahead of upcoming corporate earnings.
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United States equities headed lower on Thursday morning as Brent Crude Oil surged 4.9% to $105 a barrel and the benchmark 10-year Treasury yield hovered at 5.32%. The bond market selloff and rising energy costs revived inflation concerns ahead of the third-quarter earnings season. The S&P 500 and the Nasdaq retreated from record highs, while the Dow snapped a four-year winning streak. Investors are weighing dueling macroeconomic headwinds as major corporations prepare to report financial results.
