23.09.202623:51:21UTC+00US Futures Steady After Market Selloff

US stock index futures stabilized on Thursday after the major averages retreated in the prior session, as robust economic data, a weak Treasury auction and renewed inflation worries tied to higher energy prices drove Treasury yields to multi-decade highs.

On Wednesday, the Dow Jones Industrial Average fell 0.68%, the S&P 500 lost 0.75% and the Nasdaq Composite dropped 1.13%. Ten of the S&P 500’s 11 sectors finished lower, led by communication services, utilities and consumer discretionary stocks.

The yield on the benchmark 10-year US Treasury note climbed to around 5.11%, its highest level since July 2007. That move followed S&P Global PMI data showing strong new orders and the fastest input and output price inflation in several years, sharpening expectations that the Federal Reserve could deliver another interest rate hike this year.

Oil prices also rebounded as uncertainty lingered over the progress of US-Iran negotiations. Investors now look ahead to the latest weekly jobless claims figures, as well as earnings releases from Costco and Darden Restaurants.