U.S. stock index futures rebounded Wednesday as easing Treasury yields boosted megacaps, while investors awaited developments on a U.S. funding bill and inflation data this week to gauge the outlook for the Federal Reserve's monetary policy.
A pullback in the 10-year Treasury yields provided some relief to megacap growth stocks including Apple , Microsoft, Tesla and Alphabet , up between 0.4% and 0.6%, in premarket trading.
All the three major stock indexes closed over 1% lower on Tuesday as 10-year Treasury yields held their multi-year highs, with investors wrestling with prospects for a long period of high interest rates and an economic fallout. The S&P 500 and the Nasdaq are set for their worst monthly showing so far this year, while all the three indexes including the Dow are eyeing their first quarterly decline in 2023.
Traders' bets on the benchmark rate remaining unchanged in November and December stood around 80% and 64%, respectively, according to CME's FedWatch tool. Meanwhile, a 25-basis-point rate cut is being priced in as early as March, growing to over 34% in June and July.
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