What to watch today: Stock futures lose steam as 10-year Treasury yield hits a three-year high
BY THE NUMBERS

Wall Street was set for a mixed open Friday. U.S. stock futures lost steam as the 10-year Treasury yield pushed to a three-year high after the Federal Reserve signaled earlier in the week that more aggressive measures are needed to fight inflation. (CNBC)



Tech stocks took the brunt of rising in bond yields, sending the Nasdaq down more than 2.5% through Thursday's close. The S&P 500 was down 1% from Monday to Thursday. The Dow dropped nearly 0.7% for the week so far. Next week, the banks kick off the latest quarterly earnings season, The 10-year Treasury yield ticked higher Friday, topping the prior day's 2.667% high back to March 2019 and keeping it higher than the 2-year yield. They inverted last week for the first time since 2019. Another key Treasury yield spread — the 5-year/30-year — remained on either side of inverted Friday after flipping last week for the first time since 2006. (CNBC) U.S. oil prices inched higher Friday, but remained below $100 per barrel. West Texas Intermediate crude fell more than 3% so far this week following last week's roughly 13% decline as the U.S. announced its largest-ever release from its Strategic Petroleum Reserve and International Energy Agency member nations joined the effort to combat soaring oil and gasoline prices. (Reuters)

IN THE NEWS TODAY

STOCKS TO WATCH

Biogen (BIIB) fell 1% in premarket trading after the government announced that Medicare will limit coverage for Aduhelm, Biogen's Alzheimer's disease treatment. Coverage will only be provided for patients enrolled in clinical trials. Spirit Airlines (SAVE) said it will begin talks with JetBlue (JBLU) about its rival's $3.6 billion takeover bid. Spirit had agreed earlier this year to be taken over by Frontier Airlines parent Frontier Group (ULCC) but said the JetBlue offer could lead to a "superior proposal." Spirit rose 1.4% in premarket trading, while JetBlue added 1% and Frontier jumped 2.5%. Robinhood Markets (HOOD) slid 4.1% premarket after Goldman Sachs downgraded it to "sell" from "neutral." Goldman believes consensus estimates for Robinhood are too high and it sees a high bar for the company to achieve profitability in 2023. WD-40 (WDFC) surged 9.5% in the premarket following better-than-expected quarterly earnings and revenue. The lubricant maker earned $1.41 per share for the quarter, 40 cents above estimates, although it cut its full-year guidance slightly due to inflationary challenges. Designer Brands (DBI) raised its full-year earnings outlook and reinstated its quarterly dividend after a two-year pause. The upbeat forecast comes ahead of the company's annual investor day. Designer Brands stock jumped 4.6% in the premarket. Kroger (KR) added 2.6% in premarket action after Bank of America Securities upgraded it to "buy" from "neutral." BofA said elevated food inflation will be among several upside earnings drivers. CrowdStrike (CRWD) rallied 3.7% in premarket action after the cloud computing company received authorization to protect critical assets of the U.S. Department of Defense.

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