Stock index futures point to a lower open Friday with tech, energy and megacap stocks showing premarket weakness and ticking higher.
Nasdaq 100 futures (NDX:IND) -1%, S&P futures (SPX) -0.8% and Dow futures (INDU) -0.6% are lower.
The S&P is flat for the week going into the session, following four-straight weekly gains. The Dow is up 0.7% this week and the Nasdaq is off 0.6%.
The 10-year Treasury yield (US10Y) is up 5 basis points to 2.93% and the 2-year yield (US2Y) is up 2 basis points to 3.25%.
After a week of cooler housing data, the market is back to pricing in Fed hike of 50 basis points in September.
There has been “nothing explicitly new from Fed speakers, so it holds that Chair Powell’s Jackson Hole remarks next Friday, August 26, (confirmed by the Fed yesterday), along with the inflation and employment data before the September FOMC are the key events for policy over the near-term,” Deutsche Bank’s Tim Wessel said.
Among active stocks, Bed Bath & Beyond is plunging after Ryan Cohen’s RC Ventures confirmed it has shed its holdings. The company has tapped restructuring lawyers to help with its debt load.
Read More: Nasdaq, S&P, Dow futures fall with market in danger of snapping win streak