Futures tracking Wall Street's main stock indexes slumped Monday as yields on the benchmark U.S. 10-year Treasury note hit a crucially watched 5% mark, sparking a selloff in megacap stocks.
The yield on the note touched the July 2007 milestone that it briefly attempted to scale last week. It was last at 5.0144%.
Megacaps including Apple, Microsoft, Alphabet, Nvidia, Meta Platforms and Amazon.com slid between 0.6% and 1.5% in premarket trading. Of the 86 companies in the S&P 500 that have reported earnings so far in the third quarter, 78% have been above analyst estimates, according to the LSEG data. Overall, third-quarter earnings are likely to grow 1% year-on-year.
The benchmark stock index is down 8% from late July, when it hit its highest for the year, though still up 10% year-to-date. The week will end with the release of the personal consumption expenditure price index - the Fed's preferred inflation gauge - for September.
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U.S. stock futures fall as 10-year Treasury yield hits 5%Barbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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U.S. stock futures tumble as 10-year Treasury yield tops 5%Barbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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