Dow Today: Narrow upside momentum faces pressure from bond selling and $100 oil prices
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On Wednesday morning, the Dow Jones futures fell by 0.7%, the S&P 500 futures dropped by 0.3%, and the Nasdaq 100 futures declined by 0.6%, after both indices hit new closing highs on Tuesday. Global bonds were sold off, driving the yield on 30-year U.S. Treasury bonds to 5.70%, the highest level since 2002. Investors are awaiting the minutes of the Federal Reserve's September meeting to determine whether this interest rate hike is a one-time measure or the beginning of a series of hikes. Traders currently estimate a 20% probability of another interest rate hike by the Federal Reserve at its October meeting next week.
Dow Today: Narrow upside momentum faces pressure from bond selling and $100 oil prices
On Wednesday morning, the Dow Jones Index futures fell by 0.7%, the S&P 500 Index futures fell by 0.3%, and the Nasdaq 100 Index futures fell by 0.6%. The previous day, both of these major indices had reached new closing highs.
Global bonds were sold off, pushing the yield on 30-year U.S. Treasury bonds to 5.70%, the highest level since 2002. Meanwhile, investors are awaiting the minutes of the Federal Reserve's September meeting. Fed officials raised interest rates at that meeting to combat inflation.
The meeting minutes are expected to show whether this interest rate hike is a one-time measure or the first of multiple hikes. Traders currently estimate that there is about a 20% chance that the Federal Reserve will raise rates again at its meeting next week in October.
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