FX.co ★ US Futures Pressured by Rebounding Yields

US stock futures hovered near weekly lows on Friday after major indexes came under heavy selling pressure in the previous session, as Treasury yields rebounded amid worries that the government’s plan to reduce borrowing costs may deliver only short-lived relief. Rising oil prices, driven by a continued standoff between the US and Iran over the Strait of Hormuz, further fueled inflation concerns. On Thursday, the Dow fell 1.32%, the S&P 500 lost 0.87% and the Nasdaq Composite slipped 1% in regular trading. Nine of the 11 S&P sectors finished lower, led by declines in consumer staples, health care and consumer discretionary shares. Long-term Treasury yields reversed Wednesday’s decline after the Treasury Department announced an expansion of debt buybacks. In corporate news, Ross Stores surged more than 8% in extended trading after the retailer reported stronger-than-expected second-quarter results.