Wall St eyes lower open on jitters over higher-for-longer rates
-Wall Street was set to open lower on Friday after a three-day selloff, with megacap growth stocks among lead decliners, as evidence of a resilient U.S. economy fanned fears of interest rates staying higher for longer.
The three main U.S. stock indexes have shed over 2% each this week after a spate of strong economic data, including a fall in weekly jobless claims, caused investors to dial back expectations of rate cuts and drove up government bond yields. The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. [US/]
"The drivers really have been of late the rising Treasury yields and that is signaling a more risk-off investor sentiment," said Art Hogan, chief market strategist at B Riley Wealth.Traders see a nearly 91% chance of the Fed holding rates at current levels at its September meeting, according to the CME Group's (NASDAQ:
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