Dow, S&P 500, Nasdaq Futures Mixed As Long-Term Yields Pull Back From Multi-Decade Highs: APLD, BULL, WOLF, NLST In Focus

Long-dated bond yields soared to multi-decade highs on Wednesday, weighing on equity markets as all three U.S. benchmark indexes closed in the red.

• The U.S. 10-year Treasury yield hit a 24-year high of 5.364%, touching its highest level since early 2002, while the U.S. 30-year Treasury bond yield also soared to a 24-year high of 5.7041% on Wednesday.
• Meanwhile, minutes from the Sept. 15–16 FOMC meeting showed that another hike may be on the cards before the end of the year.
• According to data from the CME FedWatch tool, the probability of a 25 bps rate hike in December is at 66%, while the odds of a 50 bps rate hike are at 13.7%.

U.S. stock futures traded mixed in the overnight session late Wednesday, shortly after yields on long-dated U.S. Treasuries retreated from multi-decade highs. 

As of 10:22 p.m. EDT, Dow futures were down 0.11%, the S&P 500 futures fell 0.02%, while Nasdaq-100 futures rose 0.05%.

On Wednesday, all three benchmark indexes closed lower amid pressure from rising bond yields. The Dow Jones Industrial Average led the declines, shedding about 341 points to end the session 0.66% lower. The S&P 500 and the Nasdaq Composite were down 0.22% each at close. 

Index	Move	Close
Dow Jones Industrial Average	-0.66%	51,179.87
S&P 500	-0.22%	7,801.77
Nasdaq Composite	-0.22%	27,538.69

Key US Market Drivers

Long-dated bond yields soared to multi-decade highs on Wednesday, weighing on equity markets. 

The U.S. 10-year Treasury yield hit a 24-year high of 5.364%, touching its highest level since early 2002. Meanwhile, the U.S. 30-year Treasury bond yield also soared to a 24-year high of 5.7041%. 

Despite the surging yields, long-term bond market bear Jim Bianco, president and macro Strategist at Bianco Research, said that bonds now offer fundamentally appropriate interest-rate levels, making them attractive again after years of being expensive.

Meanwhile, minutes from the Sept. 15-16 Federal Open Market Committee (FOMC) meeting showed that another hike may be on the cards before the end of the year after the central bank voted to raise interest rates by 25 basis points at the September meeting.

“Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end,” the minutes showed.

The Kobeissi Letter noted in a post on X, “September Fed Meeting Minutes show that most Fed officials expect another interest rate hike by year-end. All 19 Fed officials backed the September interest rate hike. Almost all Fed officials see inflation risks tilted upward, with some warning AI could push demand above supply and increase inflation.”

According to data from the CME FedWatch tool, the probability of a 25 bps rate hike in December is at 66%, while the odds of a 50 bps rate hike are at 13.7%. 

Meanwhile, a CNBC report citing FactSet data says the S&P 500 is expected to post a blended earnings growth rate of about 30% in the third quarter.

“If earnings remain strong, and the idea is that they probably will, if expectations are met and/or higher, that is going to sustain this rally — despite the fact that rates are higher,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC in an interview. “It’s not going to derail the market.”

Markets will be watching for the Initial Jobless Claims data, expected to be released on Thursday. 

Trending Stocks To Watch 

Applied Digital Corp. (APLD): Shares of the tech company gained nearly 6% in the overnight session late Wednesday after it announced an agreement that provides access to up to 1 gigawatt of potential power capacity in Finland.

Webull Corp. (BULL): The brokerage firm was on the retail radar after its stock plunged to the lowest level since April 2025 after a bipartisan House committee investigation reportedly stoked worries about its ties to China. 

Wolfspeed Inc. (WOLF): Shares of the semiconductor company surged by over 18% overnight after the U.S. Department of War’s Office of Strategic Capital announced a conditional $1.5 billion loan commitment to the company. 

Netlist Inc. (NLST): The company was in focus after its shares climbed for a second day following the announcement that Micron Technologies will pay $600 million to license its patents and end their court fight.

Other Market Trends 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) were trading lower at the time of writing, while the Invesco QQQ Trust (QQQ) climbed overnight. 

The iShares 20+ Year Treasury Bond ETF (TLT) was down 0.34% amid ‘bullish’ sentiment. 

Meanwhile, oil prices edged higher, continuing to trade over $100 a barrel. At the time of writing, Brent crude futures expiring in December were trading at $102.38 a barrel, while WTI crude futures expiring in November traded at $89.88 per barrel.

Asian markets opened lower on Thursday. South Korea's KOSPI, Japan’s Nikkei 225, China’s SSE Composite and Australian stocks were all trading in the red at the time of writing. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<