TLDR
- Dow futures fell 0.6%, S&P 500 futures dropped 0.3%, and Nasdaq-100 futures slipped 0.4% in premarket trading Thursday.
- The 10-year Treasury yield hit 5.28% and the 30-year yield reached 5.66%, both near multidecade highs.
- Fed minutes showed policymakers were unanimous on the September rate hike and most expect another increase this year.
- Fed Governor Chris Waller said more rate increases may be needed to cool inflation.
- Chip stocks fell across Asia and Europe, with SK Hynix, Samsung, and ASML among the decliners.
US stock futures fell premarket Thursday. Investors weighed strong earnings hopes against new inflation worries.
Dow futures dropped 0.6%. S&P 500 futures fell 0.3%, and Nasdaq futures slipped 0.4%.
The pullback followed a retreat from record highs the day before.
Treasury yields stayed near multidecade highs. The 10-year yield reached 5.28%, and the 30-year yield climbed to 5.66%.
Rising yields point to tighter financial conditions for borrowers and companies.
Fed Minutes Point to More Rate Hikes
Minutes from the Federal Reserve’s September meeting showed policymakers were unanimous in raising rates. They pointed to inflation that remains too high.
🚨FED MINUTES: ALL 19 Fed officials BACKED a 25bp RATE HIKE in September.
Most officials also said ANOTHER rate increase would likely be appropriate by YEAR-END.
Almost all saw inflation risks tilted to the upside, with some warning the AI investment boom could push demand… pic.twitter.com/zkdecXQ1mm
— Coin Bureau (@coinbureau) October 7, 2026
Most officials expect another increase before the end of the year. They did not see an urgent need to act at the next meeting in October.
Fed Governor Chris Waller spoke in Turkey Thursday. He said more rate increases may still be needed to slow inflation.
Gold prices rose as traders weighed the chances of another hike this year.
Investors are also looking ahead to third quarter earnings. PepsiCo reports results first, kicking off the season.
FactSet expects S&P 500 earnings to grow 29.5% from a year earlier. That would mark a third straight quarter with growth above 25%.
The Department of Labor will release weekly jobless claims data at 8:30 a.m. Eastern time. Economists will watch the report for signs of labor market strength.
Tech stocks also faced pressure overnight. Chipmakers tied to artificial intelligence sold off across Asia and Europe.
In Asia, SK Hynix and Samsung Electronics each closed 2.4% lower. In Europe, ASML Holding and ASM International both fell 1.1%.
BE Semiconductor Industries slipped 0.5%, while Infineon Technologies dropped 2.5%. STMicroelectronics shares fell 3.3%.
Nasdaq 100 futures were down 0.5% ahead of the open, pointing to a weak start for tech shares in the United States.
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