US stock futures pointed toward a second straight day of gains. Investors remain concerned that rising bond yields are making risky stocks – particularly tech stocks – less attractive. Higher interest rates tied to bond yields could cut into companies’ profits. But testimony from Jerome Powell, which will continue Wednesday, boosted investors’ hope for a continuation of cheap money policies for the foreseeable future.
Here’s where things stand as of 6:15 am ET:
Stocks close mixed on Tuesday after spending much of the session deep in the red. The S&P 500 managed to snap a five-day losing streak, its worst in a year.
Rising Treasury bond yields, which track interest rate expectations, have been weighing on stocks. But 10-year US Treasuries yields were slightly lower at 1.36% at the time of the closing bell, having pared their earlier gains.