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U.S. stock futures fell Thursday as rising Treasury yields and higher oil prices pressured Wall Street, while investors prepared for a closely watched meeting between President Donald Trump and Chinese President Xi Jinping.
At 08:37 ET (12:37 GMT), S&P 500 futures dropped 0.6%, Dow Jones futures declined 0.4%, and Nasdaq 100 futures sank 1.1%. Technology stocks faced the heaviest pressure, with Nvidia and Advanced Micro Devices both losing more than 1% in premarket trading.
The weakness followed losses in the previous Wall Street session after strong U.S. business activity data and another increase in oil prices fueled a sharp Treasury market selloff. The benchmark 10-year Treasury yield remained above 5%, with yields reaching levels not seen since 2007.
Higher yields have also reflected expectations that the Federal Reserve could tighten monetary policy further. Traders assigned roughly a 77.5% probability to an October rate hike, up from 55.4% a week earlier. Expectations for another increase in December also climbed above 58%.
Despite the pressure from higher borrowing costs, some analysts remained constructive on equities. BCA Research said resilient U.S. economic momentum continued to favor stocks over bonds, while UBS Global Wealth Management pointed to strong corporate earnings as a potential source of support over the next six to 12 months.
Attention is now turning to the Trump-Xi summit in Washington, where trade and artificial intelligence are expected to feature prominently. The U.S. and China have agreed to extend their tariff truce by two months, giving negotiators additional time to pursue a broader economic agreement. Treasury Secretary Scott Bessent said, however, that reaching a larger deal before the new deadline remains uncertain.
Artificial intelligence safety is also on the agenda after U.S. and Chinese officials discussed a possible notification mechanism for serious AI-related incidents.
Meanwhile, oil prices extended their recent gains as expectations faded for an imminent diplomatic resolution to the Iran conflict. Brent crude remained above $100 per barrel, adding to inflation concerns and keeping pressure on bonds and U.S. equities.
