Stock futures began the overnight session slightly higher Wednesday evening as traders paused following another session of declines.
Stocks posted back-to-back sessions of losses during the regular trading day, with the Nasdaq underperforming to drop 2% as technology shares lagged. The S&P 500 also fell, while the Dow ended just a tick below the flat line. U.S. crude oil prices spiked more than 5% to pop back above $60 per barrel as a massive container blocking passage in the Suez Canal plugged the trade artery for a second day.
The pullback in technology stocks came even as bond yields retreated and the benchmark 10-year yield fell back toward 1.6%, retreating by nearly 15 basis points from last week’s high. Still, yields remain sharply higher for the year-to-date, as concerns over rising inflation linger for many investors.
