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Stock futures slip after winning week on Wall Street

2 h ago

U.S. stock futures fell slightly Sunday night as oil prices rose and Treasury yields remained near multiyear highs, with Dow Jones Industrial Average futures down 97 points (0.2%) and S&P 500 and Nasdaq-100 futures each losing 0.2%, after a winning week led by tech stocks. Brent crude traded above 1% higher at $105.86 per barrel and West Texas Intermediate gained about 1% to $93.20, following President Donald Trump’s rejection of a ceasefire condition from Iran. Last week, the Dow eked out a 0.3% advance to snap a three-week slide, while the S&P 500 and Nasdaq Composite posted their best weekly performances since early August, rising 1.2% and 2.1% respectively. Tech-linked stocks drove gains: Meta Platforms rallied nearly 13% on optimism around its Muse AI agent, Microsoft climbed over 4%, and Apple and Nvidia each advanced more than 1%. Those moves came despite Treasury yields spiking to levels not seen in years—the 10-year note hit its highest since 2007, the 30-year bond yield reached a 2004 high, and the 2-year note yield jumped about 17 basis points last week—as traders increased bets on more Federal Reserve rate hikes due to persistent inflation. Ed Yardeni of Yardeni Research noted that rising 2-year yields worldwide signal central banks need to raise rates further due to higher-for-longer oil prices from the Middle East war escalation, which also worsens government deficit outlooks. This week, rates will remain in focus with key economic data: the August personal consumption expenditure price index (the Fed’s preferred inflation gauge) due Wednesday, U.S. manufacturing numbers Thursday, and the September jobs report Friday.