Source: NYSE Nasdaq 100 futures fell on Wednesday night after rising bond yields ended a two-day rally for the major averages. Futures tied to the Dow Jones industrial average fell 12 points, or 0.04%. S&P 500 futures fell 0.26%, while Nasdaq 100 futures fell 0.49%. Tesla shares fell 4.5 percent in extended trading after the electric vehicle maker reported third-quarter revenue that missed analysts’ expectations, though it beat earnings. Revenue came in at $21.45 billion, short of the $21.96 billion expected by analysts surveyed by Refinitiv. During Wednesday’s regular session, the major averages snapped a two-day streak, though all three indexes remain on track for a positive week. The Dow fell 99.99 points, or 0.33%. The Nasdaq Composite fell 0.85%, while the S&P 500 fell 0.67%. Investors watched rising bond yields for signs of recession, even as a stronger-than-expected earnings season was underway. On Wednesday, the yield on the benchmark 10-year Treasury note traded as high as 4.136%, or its highest level since July 2008. “We’re in this position where the Fed is in control,” Bryn Talkington, chief executive of Requisite Capital Management, said on CNBC’s “Closing Bell: Overtime.” “The 2-year drives the Fed and as long as the 2-year continues to rise, we will not bottom out in stocks and the stock rally will not continue.” Alaska Air Group, Freeport-McMoRan, Tractor Supply, American Airlines, Union Pacific, CSX, AT&T are scheduled to report earnings on Thursday. On the economic front, the Philadelphia Fed’s manufacturing survey and weekly jobless claims data are due Thursday before the bell.
