Traders work on the floor of the New York Stock Exchange (NYSE) on September 29, 2026 in New York City. Spencer Platt | Getty ImagesUSA Stock futures fell early Thursday after the S&P 500 retreated from its record high as yields soared to multi-decade highs. Dow Jones Industrial Average futures fell 359 basis points, or 0.70%. S&P 500 futures fell 0.37% and Nasdaq-100 futures fell 0.53%. Shares of Levi Strauss fell nearly 2% in extended trading after the denim retailer lowered its full-year revenue growth guidance, although it also raised its profit outlook. Wall Street is coming off a losing session. The S&P 500 fell 0.2%, retreating from an all-time high it reached just a day earlier. The Dow Jones fell more than 340 points, or 0.7%. The Nasdaq Composite fell 0.2%. The Treasury sold $39 billion in 10-year notes on Wednesday, generating strong demand with indirect bidders – including global central banks – taking more than 80% of the auction, above an average of 72.4% across 10 auctions. The selling helped push the 10-year Treasury yield down from its 24-year high during Wednesday’s session. The Treasury will sell $22 billion in 30-year bonds later on Thursday. The 10-year Treasury yield last rose 4 basis points to 5.3178%, and the 30-year Treasury yield rose 4 basis points to 5.7064%. Across the Atlantic, the pan-European Stoxx 600 was down 0.85% in morning trading. The UK’s FTSE 100 was down 0.44%, while France’s CAC 40 lost 0.81%. Germany’s DAX fell 0.77%, while Italy’s FTSE MIB lost 0.98%. In Asia, Japan’s Nikkei 225 closed down 1.42%, while South Korea’s Kospi fell 2.62%. Australia’s benchmark S&P/ASX 200 index fell 0.77% and mainland China’s CSI 300 fell 1.09%. Higher yields have curbed investor appetite for stocks in recent weeks, especially those parts of the market most affected by higher borrowing costs. The industrial sector, for example, is the worst performing sector in the week to date. However, many investors maintain an optimistic view of the stock market. They hope that the start of earnings season can give the market the fuel it needs for the next leg up. In the third quarter, the S&P 500 is expected to post a combined earnings growth rate of about 30%, which would be a third consecutive quarter of earnings growth above 25%, according to FactSet. “If earnings stay strong, and the thinking is they probably will, if expectations meet and/or rise, that will sustain this rally, even though rates are higher,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell.” “It’s not going to derail the market.” On Thursday, investors will await PepsiCo’s results before the open. Traders will also be keeping an eye on weekly jobless claims data.
