S&P 500 futures were little changed Friday as traders kept an eye on Treasury yields after the broad-market index ended an eight-day run of gains. S&P 500 futures rose marginally, while Nasdaq 100 futures gained 0.1%. Futures tied to the Dow Jones Industrial Average edged 106 points higher, or 0.3%. Trade Desk swooned nearly 30% after the digital ad company offered weak revenue guidance for the fourth quarter. Elsewhere, hydrogen fuel cell company Plug Power cratered 25% on a wider-than-expected third quarter loss and a miss on revenue. The S&P 500 slipped 0.8% Thursday and snapped its longest winning streak since 2021. The Nasdaq Composite declined by 0.9%, ending a nine-day string of wins — also its lengthiest run of gains in two years. The 30-stock Dow dropped nearly 0.7%. Stocks sold off after Federal Reserve Chair Jerome Powell said the central bank is “not confident” it has done enough in the battle against inflation. “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” he said in prepared remarks at an International Monetary Fund event. Bond yields also rose sharply on Thursday, pressuring stocks. On Friday the benchmark 10-year Treasury note yield ticked slightly higher. “The bond market itself is typically a lot smarter than the stock market when it comes to predicting rates,” Kevin Simpson, Capital Wealth Planning founder and chief investment officer said on CNBC’s “Closing Bell” on Thursday. The investor said he’s managing his portfolios under the expectation rates will stay “higher for longer.” “The Fed’s not cutting rates. … We’ve got to prepare for a market that’s going to have higher rates until the beginning of 2025,” Simpson said. As the week winds down, the S&P 500 and the Dow are poised for modest losses of 0.3% and 0.5%, respectively. The Nasdaq has a modest gain of 0.3% week to date. U.S. Treasury yields were little changed on Friday as investors considered what could be ahead for inflation and monetary policy following comments from Federal Reserve Chair Jerome Powell. At 5:22 a.m. ET, the yield on the 10-year Treasury was trading 1 basis point higher at 4.64%. The yield on the 2-year Treasury was last up by less than 1 basis points at 5.028%. Asia-Pacific markets fell on Friday amid a downbeat tone set by U.S. markets overnight, while South Korea’s benchmark index outpaced regional peers for the week. South Korea’s Kospi saw weekly gains of 1.75% after a strong start to the week when the country reimposed a ban on short selling. The Kospi closed 0.72% lower at 2,409.6 on Friday, while the Kosdaq ended 1.69% lower at 789.31. On Monday, the Kosdaq gained 7.34% but has since fallen for four straight days, wiping out nearly all those initial gains. It ended the week 1.02% higher. Japan’s Nikkei 225 fell 0.24% to close at 32,568.11, after gains of nearly 1.5% in the prior session. The Topix eked out gains to end 0.07% higher at 2,336.72. Hong Kong’s Hang Seng index shed 1.74% in the final hour of trading and is poised for a weekly decline of 2.59%, which would make it the worst performer this week among Asia’s major benchmarks. China’s CSI 300 index closed 0.73% lower at 3,586.49. In Australia, the S&P/ASX 200 ended 0.55% lower at 6,976.50. Oil prices were higher on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed allowing demand worries to reassert themselves. Brent crude futures for January were up 73 cents at $80.74 a barrel, while the U.S. West Texas Intermediate crude futures for December were at $76.40, up 66 cents. Brent futures are down 4.9% this week while WTI has declined 5.1% since last week. The three weeks of declines are the longest weekly losing streak for both contracts since a four-week drop from mid-April to early May. Gold fell on Friday and was bound for a second straight weekly drop on cooling safe-haven demand and hawkish cues from Federal Reserve Chair Powell. Autocatalyst palladium, meanwhile, extended its slump en route to its worst week in over 15 months, hurt by excess stocks amid wider adoption of electric vehicles while automakers switch to cheaper platinum. Spot gold fell 0.3% to $1,951.89 per ounce by 1117 GMT after hitting its lowest since Oct. 18 on Thursday. U.S. gold futures fell 0.7% to $1,956.50.
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