Stock market news live updates: Futures tumble amid continued rate pressure and bond yields rise

Stock market news live updates: Futures tumble amid continued rate pressure and bond yields rise

U.S. stock futures fell sharply Tuesday morning as investors geared up for a holiday-shortened week rife with quarterly earnings reports from companies across all three major indexes.

Contracts on the tech-heavy Nasdaq plunged in early trading, shedding 1.82% to 15,311.75 as Wall Street continued to weigh the likelihood of imminent interest rate hikes. Futures on the Dow Jones Industrial Average also edged lower, down about 0.73%, or 263 points in early trading, while the S&P 500 declined more than 1%. Meanwhile, the yield on the benchmark 10-year Treasury rose to its highest level in two years — up to 1.818%

Wall Street was closed on Monday in observance of Martin Luther King Jr. Day but will resume trading Tuesday amid a flurry of corporate results unveiled ahead of the session: Goldman Sachs (GS), PNC Bank (PNC) and Bank of New York Mellon (BK) will release earnings reports for the last three months of 2021 before market open.