U.S. stock futures fell as investors anticipated Federal Reserve Chairman Jerome Powell's testimony in Congress on economic outlook.
S&P 500 futures dropped 0.1% and the Nasdaq-100 fell 0.6%, suggesting that the indexes will open lower.
Surge in US Treasury yields has hampered market participant’s appetite for riskier assets like equities. Technology shares are most vulnerable as their valuations are related to their future earnings potential which in today's terms are less valuable when investors apply a higher discount rate.
10-year Treasury yield ticked up to 1.376%, compared to 1.370% in the previous session.
This surge in yields has made investors keen on Chairman Powell's semiannual report on the economy and monetary policy to Congress later today where he is expected to reassert that loose monetary policies will remain in place.
Home Depot and Macy's are due to report their earnings, followed by Square and McAfee.
05 Mar 2021 06:06 PM
Key factors to keep in mind before the US markets open
05 Mar 2021 05:08 PM
India's foreign exchange reserves rose to $584.55 billion as of Feb 26, compared with $583.87 billion a week earlier, the Reserve Bank of India.
05 Mar 2021 04:36 PM
Have a look at how Indian rupee ended the day
05 Mar 2021 03:51 PM
Indian equities fell for a second straight session today and snapped their three-day gaining streak as investors remained spooked by a sharp rise in US yields. Sensex managed to hold 50,000 and closed below 441 points, but Nifty gave up 15,000.
05 Mar 2021 03:00 PM
Pound fell and traded around 1.3830 as Dollar extended gains following Powell’s dovish comments leading to an upward rally in US yields.
05 Mar 2021 02:56 PM
Find out how European markets are reacting today