U.S. stock futures strived to trim some of September's losses early Wednesday as Treasury yields pulled back from cycle highs.
U.S. stock futures strived to trim some of September’s losses early Wednesday as Treasury yields pulled back from cycle highs.
“Investors continue to grapple with the implications of an extended period of elevated interest rates and the potential economic repercussions, and they seem to favor the cut-run maneuver this week,” said Stephen Innes, managing partner at SPI Asset Management. The CBOE VIX index VIX, Wall Street’s so-called fear gauge, hit a four-month high above 19 on Tuesday. And the S&P 500’s 14-day relative strength index, a closely watched momentum gauge, finished Tuesday’s session at 30.3, a fraction above the threshold of ‘oversold’ territory, and its lowest level of the year.
Still, the prospect of interest rates staying higher for longer has been punishing for shares of smaller companies, which are especially sensitive to increased borrowing costs.
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