U.S. stock futures slumped on Wednesday, as investors paused for breath and booked some profit after a string of all-time highs that helped the S&P 500 score its most records in a new year since 1964.
Traders were also keeping an eye on U.S. bond yields, after the rate on the 10-year Treasury on Tuesday soared above 2.5% to reach its highest level since March.
Futures for the Dow Jones Industrial Average dropped 135 points, or 0.5%, to 25,237, while those for the S&P 500 index lost 14.30 points, or 0.5%, at 2,738. Futures for the Nasdaq-100 index gave up 43 points, or 0.7%, to 6,645.
After the record runs recently, Wednesday’s pullback was seen as merely a pause in the rally and as traders took the chance to take some profits.