Forex
US Stock Futures Sink as Markets Price in Rate Hike
US stock futures kicked off September in negative territory, weighed down by rising bond yields and climbing oil prices.
The Nasdaq-100 plummeted roughly 1%, while S&P 500 and Dow Jones Industrial Average futures each dropped about 0.5% in early trading.
The catalyst for the yield spike was Federal Reserve Chair Kevin Warsh's recent speech at Jackson Hole, which leaned unmistakably hawkish.
Markets responded by pricing in a 65-67.5% probability of a 25-basis-point rate hike at the September FOMC meeting.