Stock futures were little changed on Monday night, with traders looking to recover after a session in which equities fell once again due to pressure from rising Treasury yields.
Dow Jones Industrial Average futures rose just 19 points. S&P 500 futures traded just above the flatline along with Nasdaq-100 futures.
The Dow fell more than 300 points in regular trading, while the S&P 500 and Nasdaq Composite shed 0.8% and 0.9%, respectively.
Weighing on stocks were Treasury yields, which continued their march higher, as investors worried that persistent inflation would lead to rate increases from the Federal Reserve. The benchmark 10-year Treasury note yield ended the day above 5.2%, near levels not seen since 2007. The 30-year topped 5.56%, trading around a 2004 high.
"Despite the economy's broad-based strength, equity markets are seemingly worrying about the potential future consequences of higher interest rates, with daily moves in rates increasingly driving overall market performance," Brent Schutte, CIO at Northwestern Mutual Wealth Management, said in a post.
"Higher interest rates create both opportunities and challenges for investors. Despite the consternation surrounding their rise, bonds offer more attractive entry points today than at any time in nearly 20 years, assuming the Federal Reserve keeps inflation in check," he added.
Investors will get fresh data on Tuesday that could sway Treasury yields. The September reading on U.S. consumer confidence is due at 10 a.m. ET, along with the August jobs opening and labor turnover survey.
Wall Street will also keep an eye on AMD. The chipmaker said it was acquiring AI firm World Labs for $8.2 billion. AMD shares were little changed after hours.
15 Min AgoSummit Therapeutics surges after announcing $2 billion investment from AstraZeneca
Summit Therapeuticsannounced that AstraZeneca will make a $2 billion investment in the company.
The investment is based on a common stock price of $18.36 per share, a premium of more than 18% from Monday's close.
Summit's shares popped almost 20% in extended trading.
Summit Therapeutics in the past dayThe two companies are also collaborating on a clinical trial to evaluate the use of two drugs – sonesitatug vedotin and ivonescimab – in combination to treat certain gastrointestinal cancers.
—Darla Mercado
44 Min AgoMichael Burry says AI bubble may burst sooner than he first thought
Michael Burry is moving up the timeline for his bearish thesis on the fate of the artificial intelligence boom.
The investor of "Big Short" fame is switching to put options from short positions on key AI stocks, giving him more cost-effective leverage over a shorter time horizon, he said.
"Fundamentally, I am moving timelines up," Burry wrote in his Monday investment newsletter. "As such, I want more leverage in my short positions. Better timelines make leverage more palatable. Nothing says leverage like options, in this case put options, which are relatively cheap due to exceptionally tight volatility measures such as the VIX."
— Toby Burns
52 Min AgoAMD buys World Labs for $8.2 billion
The chipmaker said it was acquiring AI firm World Labs for $8.2 billion. The company was founded by AI researcher Fei-Fei Li, who is seen as an industry pioneer.
"Intelligent agents, whether it's robots or vehicles or even tools, can learn inside very rich. physics-aware digital worlds before they even need to be deployed into the real one, making them much safer," Li said.
"We're unwavering in our mission, and even more excited to continue building a world leading frontier research organization that is durable for the decades ahead," Li wrote in a post.
— Kif Leswing
56 Min AgoAverage rate on a 30-year fixed mortgage jumps highest level since 2024
The average rate on the 30-year fixed mortgage rose to 4.5%, according to data from Mortgage News Daily.
That's the highest level since April 30, 2024, when the average rate hit 7.51%.
The average rate on the 30-year fixed mortgage in 2026Interest rates on the fixed mortgage have been steadily rising alongside a surge in Treasury yields. The 10-year Treasury yield, which influences rates on these home loans, touched a high of 5.274% on Monday for its highest since June 2007.
—Darla Mercado, Gina Francolla
1 Hour AgoStock futures open little changed
Dow Jones Industrial Average futures rose just 7 points. S&P 500 futures traded just below the flatline along with Nasdaq-100 futures.
— Fred Imbert
Dow slides more than 300 points to start week as Treasury yields pressure stocks3 hours agoDow jumps more than 470 points Friday; stocks notch winning week despite Treasury yield surgeDow falls for a third day as bond yields hit fresh highs: Live updatesRead More
