What to watch today: Nasdaq futures sink as soaring bond yields slam tech

What to watch today: Nasdaq futures sink as soaring bond yields slam tech

BY THE NUMBERS U.S. stocks were sliding in Tuesday's premarket, with just three days left in one of the historically weakest months of the year. Nasdaq futures were sinking 200 points, or 1.5%. S&P futures were down almost 1%. Dow futures were dropping nearly 0.5%. The and fell Monday. The rose modestly. came as Treasury yields rose. (CNBC) The , increasing on economic optimism and inflation fears, on Tuesday, back to levels not seen since June. Higher bond yields, which move in the opposite direction of prices, can put pressure on tech stocks by exposing their high valuations. (CNBC) Energy stocks, however, were higher in premarket trading as U.S. oil prices about 1% to around $76 per barrel, nearly a three-year peak. U.S. oil prices soared 77% this year as Covid-disrupted business activity continued to recover. (CNBC) Fed Chairman , in remarks prepared for Tuesday's Senate Banking Committee hearing, that the causes of the recent rise in inflation may last longer than anticipated. The remarks are part of mandated testimony Powell must give to Congress regarding the Fed's economic response to the Covid pandemic. He goes before the House Financial Services Committee on Thursday. (CNBC) * (CNBC) * (CNBC) a