{"id":12751,"date":"2023-08-18T12:04:03","date_gmt":"2023-08-18T12:04:03","guid":{"rendered":"https:\/\/isafespend.com\/investing\/futures-fall-as-concerns-about-higher-for-longer-rates-linger\/"},"modified":"2023-08-18T12:04:06","modified_gmt":"2023-08-18T12:04:06","slug":"futures-fall-as-concerns-about-higher-for-longer-rates-linger","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12751","title":{"rendered":"Futures fall as concerns about higher-for-longer rates linger"},"content":{"rendered":"
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\n<\/u>2\/2<\/span><\/p>\n

\u00a9 Reuters. FILE PHOTO: The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. REUTERS\/Jason Reed<\/span>
\n<\/i>
\n2\/2<\/span><\/u>\n<\/div>\n

By Amruta Khandekar and Shristi Achar A<\/p>\n

(Reuters) -U.S. stock index futures fell on Friday after a three-day selloff on Wall Street, as evidence of a resilient U.S. economy spurred fears that the Federal Reserve would hold interest rates for longer than previously expected.<\/p>\n

Wall Street’s main indexes have shed over 2% each this week after a spate of strong economic data, including a fall in weekly jobless claims, caused investors to dial back expectations of rate cuts and drove up government bond yields.<\/p>\n

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. [US\/]<\/p>\n

“The relative strength of the U.S. economy is prompting fears of rates sticking higher for longer across the Atlantic and a potential shift from the current easing of inflationary pressures. This is reflected in a big surge in U.S. government bond yields,” said Russ Mould, investment director at AJ Bell.<\/p>\n

Traders see a nearly 91% chance of the Fed holding rates at current levels at its September meeting, according to the CME Group’s (NASDAQ:) Fedwatch tool. <\/p>\n

On Friday, big technology and growth stocks slipped in premarket trade even as Treasury yields eased, with Tesla (NASDAQ:) down 2.3% and leading declines.<\/p>\n

Risk sentiment has also been hurt in recent days by China’s sluggish economic recovery and growing concerns about its property market. U.S.-listed shares of Chinese companies JD (NASDAQ:).Com and Alibaba <\/span><\/span> (NYSE:) Group fell 3.7% and 2.9% respectively.<\/p>\n

Among major movers of the day, Applied Materials (NASDAQ:) rose 2.5% after the chip equipment maker forecast fourth-quarter profit above analysts’ estimates and posted better-than-expected third-quarter earnings.<\/p>\n

Estee Lauder <\/span><\/span> (NYSE:) lost 2.9% after the cosmetics maker forecast its annual net sales and profit below Street estimates.<\/p>\n

Deere (NYSE:) & Co added 0.4% after the construction equipment maker raised its annual profit outlook. <\/p>\n

With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole economic symposium next week.<\/p>\n

Earnings from chip designer Nvidia (NASDAQ:), which have rallied this year on enthusiasm around artificial intelligence, will also grab the spotlight in the coming days.<\/p>\n

At 7:13 a.m. ET, were down 54 points, or 0.16%, were down 12.25 points, or 0.28%, and were down 80.5 points, or 0.54%.<\/p>\n

Shares of Keysight Technologies <\/span><\/span> (NYSE:) dropped 10.8% on the electronic equipment maker’s downbeat fourth-quarter forecast.<\/p>\n

Hawaiian Electric shares rose 1.0% in volatile trade after the utility company said it was not looking to restructure.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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