Futures muted on lingering concerns over elevated rates
-U.S. stock index futures were lackluster on Monday as concerns over interest rates staying higher for longer kept the
buoyant, while investors awaited economic data and Federal Reserve policymakers' remarks throughout the week.and the Nasdaq registered their largest weekly percentage drop since March on Friday, as benchmark Treasury yields hit multi-year highs while investors digested the Fed's hawkish outlook revisions.
The three benchmark indexes, including the Dow, were also eyeing their first quarterly declines so far this year heading into the last days of the September quarter. Just a few days after the Fed's decision to let its key rate stand and likely keep restrictive policy in place for longer than previously anticipated, some policymakers warned of further hikes as they doubt if the inflation battle is over.
Uncertainty around the trajectory for interest rates, including a potential hike by year-end and expectations for fewer cuts next year, have pushed the 10-year Treasury yield to a 16-year high, hurting growth stocks.
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