US Stock Futures Fall from Records
US equity futures fell from record highs as a rebound in bond yields reignited concerns that higher borrowing costs would dent economic activity. Contracts for the S&P 500 and the Nasdaq fell 0.5% and 0.8% from their peaks, while Dow futures were down 0.7%. Iranian strikes on vessels crossing the Strait of Hormuz worsened soaring shipping premiums faced by tankers in the region and raised the outlook for energy inflation. Long-dated borrowing costs also remained supported by widening federal budget deficits. AI infrastructure stocks erased their gains from earlier this week amid the increasing impact of high yields and credit spreads on their orders, with Micron, AMD, Oracle, Lam Research, and Applied Materials dropping 2%. This was despite positive news for the sector, with SpaceX set to issue $40 billion in debt to buy Nvidia chips. Nvidia was 1% down and SpaceX fell 3%. Meanwhile, pharmaceuticals and consumer staple companies were higher.
US equity futures fell from record highs as a rebound in bond yields reignited concerns that higher borrowing costs would dent economic activity. 7%. Iranian strikes on vessels crossing the Strait of Hormuz worsened soaring shipping premiums faced by tankers in the region and raised the outlook for energy inflation. Long-dated borrowing costs also remained supported by widening federal budget deficits.
AI infrastructure stocks erased their gains from earlier this week amid the increasing impact of high yields and credit spreads on their orders, with Micron, AMD, Oracle, Lam Research, and Applied Materials dropping 2%. This was despite positive news for the sector, with SpaceX set to issue $40 billion in debt to buy Nvidia chips. Nvidia was 1% down and SpaceX fell 3%. Meanwhile, pharmaceuticals and consumer staple companies were higher.