Broadcom IncRising Treasury yields and inflation concerns pressure high-valuation tech stocks like Broadcom.
U.S. stock futures fell Wednesday as the 10-year Treasury yield climbed to its highest level in nearly three years, with rising oil prices adding to inflation concerns. The yield reached 4.814% intraday, its highest since November 2023, while Dow futures slipped 66 points, S&P 500 futures lost 0.2%, and Nasdaq 100 futures fell 0.6%. West Texas Intermediate crude surpassed $90 per barrel, a level not seen since late July, following U.S. military strikes against Iran, and Brent crude stood at $94.62, about $20 above pre-conflict levels. Bond yields rose globally, with Germany's 10-year yield at 3.39%, potentially its highest close in 15 years, and borrowing costs in France and Japan also drifted higher. Overseas equities fell broadly, with Japan's Nikkei down 2.85%, South Korea's Kospi off 4%, and European markets also weaker. Investors await ADP payrolls, factory orders, the Fed's Beige Book, and earnings from Hewlett Packard Enterprise, Snowflake, and Broadcom.
Broadcom IncRising Treasury yields and inflation concerns pressure high-valuation tech stocks like Broadcom.
Hewlett Packard Enterprise CoHigher yields and inflation concerns weigh on equities, including HPE.
Snowflake Inc.Rising yields and inflation concerns pressure high-multiple software stocks like Snowflake.
10-year Treasury yield hits highest since 2023, rising to 4.814%.