Wall Street futures slide as rising oil, yields dampen mood
Traders widely expect the Federal Reserve to hold rates steady at its October meeting, but a December hike remains on the cards.
US stock market futures declined on Thursday, impacted by rising oil prices and increasing Treasury yields. Inflation concerns weighed heavily on investors, as oil prices surged nearly 4% and yields climbed. Despite Samsung Electronics' record quarterly profit of US$80.2 billion, chipmakers faced skepticism regarding the AI boom.
Nvidia, Broadcom, and Micron Technology all saw their shares drop. Fears of technology companies' heavy debt issuance added to the market's unease. The S&P 500 and Nasdaq 100 slipped from previous record highs, while the Dow Jones Industrial Average paused its four-day winning streak. The weak performance continued into the day, with the S&P 500 futures falling 31.5 points and the Nasdaq futures dropping 180.25 points.
Fed Governor Christopher Waller suggested a potential halt in rate hikes during the central bank's next meeting, though further increases might be necessary to curb inflation. Wolfspeed emerged as a standout performer among chipmakers, gaining 16.6% following a conditional loan commitment from the US defense department for domestic silicon carbide production.
Applied Digital also reported strong results, with first-quarter revenue more than quadrupling to US$341.9 million.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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