U.S. stock futures fell Tuesday as a bond-market selloff and oil above $90 revived the inflation risk investors had hoped was fading.
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Nasdaq futures drop 1.2% as yields, oil revive inflation fears
U.S. stock futures fell Tuesday as a bond-market selloff and oil above $90 revived the inflation risk investors had hoped was fading.
Nasdaq 100 futures slid 1.17% to lead U.S. equity declines as the 30-year Treasury yield hit its highest since 2007 and Brent crude topped $91, reviving inflation concerns.
"Higher long-term yields reflect heavy borrowing by AI hyperscalers, rising U.S. deficits and greater policy uncertainty competing for capital," said Vasu Menon, investment strategy head at OCBC.
Technology and semiconductor shares led the decline, with Nvidia and Tesla down more than 1% each in premarket trading. Micron Technology, Marvell Technology, Advanced Micro Devices and Intel slid between 2.6% and 4.8%, while data-storage names SanDisk and Western Digital fell more than 5%. The CBOE Volatility Index jumped to its highest in about two weeks.
The yield shock tightens financial conditions even without another immediate Fed increase, complicating the path for rate-sensitive growth stocks. Markets now look to the Fed's July meeting minutes Wednesday and Chair Kevin Warsh's Jackson Hole speech next week, with Nvidia's earnings due the same week.
30-Year Yield Hits 5.327%, Highest Since 2007
The 30-year Treasury yield reached 5.327%, its highest since 2007, while the benchmark 10-year climbed to 4.739%, near levels last seen in January 2025. The move extends beyond Fed policy expectations, with OCBC's Menon pointing to AI hyperscaler borrowing, U.S. deficits and policy uncertainty as forces pushing longer-dated yields higher.
At 4:50 a.m. ET, Dow E-minis fell 79 points, or 0.15%, S&P 500 E-minis dropped 42.75 points, or 0.55%, and Nasdaq 100 E-minis slid 351.5 points, or 1.17%. The benchmark S&P 500 closed 0.52% lower Monday, backing away from record highs as higher crude prices revived inflation worries.
Oil Above $91 as Iran Peace Hopes Fade
Brent crude rose 0.4% to above $91, on track for a third straight session of gains, after Iran said it would shift to a "fully offensive" military posture because efforts to negotiate a permanent end to the war with the U.S. have stalled. Washington has ruled out extending a temporary ceasefire that expired Aug. 17, keeping shipping risks around the Strait of Hormuz and the Red Sea in focus. WTI traded near $84.10, while gold pulled back to around $4,390 and Bitcoin held near $64,200.
Home Depot Beats as Consumer Test Begins
Home Depot rose more than 2% premarket after second-quarter sales climbed to $47.86 billion, above the roughly $47.27 billion expected, with adjusted earnings of $4.92 a share versus the $4.73 consensus. U.S. comparable sales increased 1.3%, helped by demand for smaller repair projects, though the retailer maintained its annual outlook as high interest rates and a sluggish housing market constrain large home-improvement demand. Walmart reports Thursday, providing the next major read on household spending after weak July retail sales.
Money-market data showed traders still price a 96% chance of a 25-basis-point rate hike this year, though odds of an increase as soon as September have come down following tame inflation data last week. The AI trade faces its next test with Nvidia's earnings next week, after Anthropic's annual revenue run rate topped $65 billion by the end of July, underscoring rapid growth ahead of a potential public listing later this year.
This article is for informational purposes only and does not constitute investment advice.
