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Wall Street’s main stock indexes were set to clock declines at the end of a week dominated by hawkish commentary from U.S. Federal Reserve officials, as more than half of the companies on the S&P 500 index wrap up quarterly earnings.
The Nasdaq Composite eyed its first weekly fall this year, tracking declines of nearly 2%.
Yield on the benchmark 10-year Treasury note rose to its highest level in more than a month, last at 3.69%, up 2.9 basis points. U.S. stock indexes fell in the previous session as Treasury yields gained after an auction of 30-year bonds went poorly. [US/]
Rate-sensitive growth companies led declines in premarket trading on Friday, with Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT), Tesla (NASDAQ:TSLA) Inc and Alphabet (NASDAQ:GOOGL) Inc down between 0.2% and 2.8%.
Rising Treasury yields put valuations of growth stocks under pressure, which was also a recurring theme for 2022.
Lyft Inc (NASDAQ:LYFT) plummeted 32.9% after it also lowered prices, raising concerns it was falling behind bigger rival Uber Technologies (NYSE:UBER) Inc. Uber shares dropped 3.7%.
At 5:59 a.m. ET, Dow e-minis were down 60 points, or 0.18%, S&P 500 e-minis were down 15 points, or 0.37%, and Nasdaq 100 e-minis were down 97.75 points, or 0.79%.
