Traders on the floor of the New York Stock Exchange on Oct. 12, 2023.
Source: NYSE
Stock futures dipped Thursday evening as traders focused on a recent run higher in the 10-year Treasury yield.
Futures tied to the Dow Jones Industrial Average were down 15 points, or 0.04%. S&P 500 futures fell nearly 0.2% and Nasdaq 100 futures dropped 0.3%.
In after-hours trading, shares of SolarEdge tumbled 20% as the company trimmed its third-quarter revenue guidance. Knight-Swift Transportation gained 3% after beating estimates in the third quarter on both the top and bottom lines.
The action follows a volatile day for stocks. The 30-stock Dow shed 250.91 points, or 0.75%, while the S&P 500 lost 0.85%. The Nasdaq Composite slid nearly 1%. The yield on the benchmark 10-year Treasury also surged as high as 4.996%, trading near levels last seen in 2007.
Stocks were rattled Thursday after Federal Reserve Chair Jerome Powell spoke in New York. He said inflation remains too high and lower economic growth will likely be needed to bring it down. Powell also said he doesn’t think rates are too high now.
“While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” he added.
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