After the Dow closed at a record high, U.S. stock index futures were mixed in early morning trading Thursday.50 points were earned by future contracts connected to the Dow Jones Industrial Average. Although Nasdaq 100 futures were trading in negative territory, S&P 500 futures hovered around the flatline. The move comes after the Dow on Wednesday jumped 425 points to close at a record high in a volatile session that saw the 30-stock average drop more than 110 points at one point. The S&P 500 advanced 1.1%, while the Nasdaq Composite gained 1%. The tech-heavy index was down 1.3 percent earlier in the session.
Rising rates weighed on stocks early in the session as the U.S. 10-year Treasury yield topped 1.4% and hit its highest level since February 2020. Higher rates could spur investors to rotate out of stocks and into bonds. Higher rates could also hit the growth-oriented technology sector especially hard.