US stock futures inched higher on Wednesday, recovering slightly after major indexes came under pressure in the previous session amid climbing Treasury yields. Futures linked to the Dow, S&P 500, and Nasdaq 100 each rose about 0.2%.
On Tuesday, the Dow declined 0.26%, while the S&P 500 dipped 0.17% and the Nasdaq Composite slipped 0.09%. Seven of the 11 S&P 500 sectors ended lower, led by energy, materials, and consumer staples.
The equity weakness coincided with a sharp move higher in long-term interest rates. The 30-year Treasury yield climbed to 5.62%, its highest level since June 2002, and the 10-year yield advanced to nearly 5.3%, marking new highs last seen in 2007.
Investors are now focused on Wednesday’s release of the PCE price index, the Federal Reserve’s preferred inflation gauge. For the month to date, the Dow is down about 3.5%, the S&P 500 is roughly flat, and the Nasdaq Composite is up 1.6%.
