Traders on the NYSE floor, September 14, 2022.
Source: NYSE
Nasdaq 100 futures fell on Wednesday night after rising Treasury yields ended a two-day rally for the major averages.
Futures linked to the Dow Jones Industrial Average fell 12 points, or 0.04%. S&P 500 futures fell 0.26%, while Nasdaq 100 futures fell 0.49%.
Tesla shares fell 4.5% in extended trading after the electric vehicle maker reported third-quarter revenue that missed analysts’ expectations, although it beat earnings. Revenue was $21.45 billion, short of the $21.96 billion expected by analysts polled by Refinitiv.
During Wednesday’s regular session, the major averages snapped a two-day winning streak, although all three indices remain on track for a positive week. The Dow was down 99.99 points, or 0.33%. The Nasdaq Composite fell 0.85%, while the S&P 500 fell 0.67%.
Investors watched rising Treasury yields for signs of a recession, even with a stronger-than-expected earnings season. On Wednesday, the yield on the benchmark 10-year Treasury note traded as high as 4.136%, or its highest level since July 2008.
“We’re in this position where the Fed is in control,” Bryn Talkington, managing partner at Requisite Capital Management, told CNBC’s “Closing Bell: Overtime” on Wednesday. “The 2-year is leading the Fed, and as long as the 2-year continues to rise, we will not reach a bottom in stocks and the rally in equities will not continue.”
Alaska Air Group, Freeport-McMoRan, Tractor Supply, American Airlines, Union Pacific, CSX, AT&T reported earnings on Thursday.
On the economic front, the Philadelphia Fed manufacturing survey and weekly jobless claims data are expected before the bell on Thursday.