U.S. futures pointed to a lower open on Wall Street Monday, as rising bond yields and increasing interest rates made equities less attractive to investors.
The S&P 500 futures fell 7 points or 0.25% to 2,886.75 as of 6:50 AM ET (10:50 GMT) while Dow futures were down 87 points, or 0.33%, to 26,405.0. Meanwhile tech heavy Nasdaq 100 futures decreased 26 points, or 0.35%, to 7,410.0.
U.S. bond markets are closed for Columbus Day but stock markets are open. Still, trading volumes were expected to be thin, with most banks and federal agencies closed for the holiday.
Concerns over rising bond yields weighed on investors, as the yield on the benchmark United States 10-Year note reached its highest level seen since 2011 on Friday. It climbed about 15 basis points last week and is up about 20 basis points over the last month.
Source : Investing