A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 5, 2022. REUTERS/Andrew Kelly
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- Futures off: Dow 1.36%, S&P 1.64%, Nasdaq 1.98%
May 9 (Reuters) – U.S. stock index futures slid on Monday as rising U.S. Treasury yields weighed on growth stocks amid prospects of aggressive policy tightening by the Federal Reserve, with fears of a sharp economic slowdown in China also dampening the sentiment.
Futures tracking the Nasdaq 100 index tumbled about 2%. Megacap stocks Microsoft Corp (MSFT.O), Amazon.com (AMZN.O), Apple Inc (AAPL.O), Google-owner Alphabet Inc (GOOGL.O), Meta Platforms (FB.O) and Tesla Inc (TSLA.O) fell between 1.9% and 3.2% in premarket trading.
Yield on the benchmark 10-year Treasury note rose to 3.19%, its highest level since November 2018, as data last week underscored strength in the U.S. economy and investors bet on bigger rate hikes by the Fed to curb surging inflation.
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