Stock Futures Plummet Amid Inflation Fears and Rising Oil Prices
Stock futures are in the red to start September, following August's sluggish finish. Despite logging monthly gains, major indexes like the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are down over 300 points. The S&P 500 Index (SPX) futures also sit in the red.
Concerns over inflation and rising oil prices have pushed bond yields higher, with the 10-year Treasury yield reaching its highest level since January 2025 at 3%. Tech stocks are taking a hit as a result. The historically bearish seasonality of September isn't helping investor sentiment either.
Nvidia Corp (NASDAQ:NVDA) is leading the decline among tech stocks, down 1.5% in electronic trading amid rising Treasury yields. Meanwhile, Duolingo Inc (NASDAQ:DUOL) and Novartis AG (NYSE:NVS) are gaining on positive news, an upgrade from Evercore ISI to 'outperform' for Duolingo, and positive trial data for Novartis's multiple sclerosis drug.