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.
U.S. stock futures pointed to a cautious start on Monday, on the heels of a rough week for equities, as the 10-year Treasury yield pushed past the psychologically important level of 5% for the first time since 2007.How stock futures are trading On Friday, The Dow Jones Industrial Average DJIA fell 286.89 points, or 0.9%, to close at 33,127.28. The S&P 500 SPX shed 53.84 points, or 1.3%, to finish at 4,224.16. The Nasdaq Composite COMP dropped 202.37 points, or 1.5%, to end at 12,983.81.
“Higher for longer has been hitting home of late, with the back end of the yield curve on the rise in response to shifting expectations around the timing of a Fed rate cut. With energy prices on the rise in the face of a potentially drawn out conflict in the Middle East, there is a strong chance that we see inflation continue to push higher,” said Joshua Mahony, chief market analyst at Scope Markets, in emailed comments.
Two Israeli hostages were released over the weekend and some initial aid got through to Gaza, with signs a ground invasion by Israel has been delayed. Oil prices CL.1, -0.64% BRN00, -0.46% were flat.Rising yields have also surrounded worries that another interest rate hike is en route, following comments from Chairman Jerome Powell last week.
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