US equity futures mixed as Nasdaq 100 slips 0.5%
Futures tracking US equities are mixed Wednesday, with S&P 500 and Dow contracts flat and Nasdaq 100 down 0.5%, as elevated bond yields and higher energy prices weigh premarket sentiment.
Futures tracking US equities were mixed on Wednesday, holding losses from the previous session on more pressure from elevated bond yields.
Contract for the S&P 500 and Dow were flat, while those for the tech-heavy Nasdaq 100 lost 0.5%.
Tech giants were mostly lower premarket as worries of soaring aggregate credit supply lifted borrowing costs in the longer end of curves.
Oracle, AMD, Micron, and Marvell were down.
Borrowing costs were also lifted by high energy prices as hawkish rhetoric by both the US and Iran prolonged expectations on the suspension of oil from the Persian Gulf.
The outlook on interest rates will be further tested after the release of FOMC minutes today.
Meanwhile, TJX, Lowe's, and Target fell between 4% and 1% after the retail giants reported their second-quarter results.
Conversely, Analog Materials outperformed other semiconductors on its strong guidance.
Moderna stock doubled and Merck surged 10% after a trial on their joint vaccine cut recurrence in melanoma.