us stock futures on tuesday pointed to a fifth consecutive day of declines as worries about further rate hikes pushed treasury yields to fresh highs  on monday the dow jones industrial average djia fell 94 points or 032 to 29203 the sp 500 spx declined 27 points or 075 to 3612 and the nasdaq composite comp dropped 110 points or 104 to 10542 traders’ risk appetite continued to be crushed by concerns the federal reserve’s desire to combat rampant inflation with stillhigher borrowing costs will hurt economic activity and crimp corporate earnings the policysensitive 2year treasury yield tmubmusd02y on tuesday sat above 43 near its highest level since 2007 the shortduration benchmark was nearly 400 basis points lower a year ago before the fed embarked on a rate hiking campaign to tackle consumer price rises running at their fastest pace in 40years the 10year treasury yield tmubmusd10y briefly popped above 4 again in early trading jpmorgan chase jpm ceo jamie dimon has warned additional rate rises will be particularly painful and the sp 500 could fall by another 20 the benchmark is already down 242 so far in 2022 the techheavy nasdaq composite has shed 326 over the same period and sits at its lowest since july 2020 “with the us 10year yield back at the 4 level this morning we expect the pressure to continue in us equities and our thesis is also that the upcoming q3 earnings season starting this week will lead to earnings downgrades and disappointments in the outlook” said peter ganry head of equity strategy at saxo bank dimon’s bank on friday will help kick off the thirdquarter corporate earnings season alongside peers citigroup c and morgan stanley ms  analysts expect sp 500 aggregate earnings will grow by 45 for the period though much of this is driven by an expected 63 gain for energy stocks according to refinitiv financials’ earnings are forecast to fall 16 the market must contend with us producer prices data on wednesday and the consumer prices data on thursday reports that should further impact investors’ thinking on the fed’s policy trajectory “stay long dollars and stay short risk continue to be heard loudly in virtually every market discussion” said stephen innes managing partner at spi management the dollar dxy has been propelled sharply higher by the fed’s relatively aggressive ratehiking cycle and the buck’s strength is seen as yet another headwind for the earnings of us multinationals indeed the strong greenback is often taken as a sign of stresses elsewhere as the hang seng hsi has fallen below 17000 for the first time since 2011 “the cyclically sensitive semiconductor sector is under pressure facing headwinds from higher yields oversupply and us export controls” innes said