US stock futures edge higher after Wall Street’s steepest drop in three weeks

U.S. stock futures were little changed Thursday night after Wall Street posted its steepest decline in three weeks. At 20:05 ET (00:05 GMT), S&P 500 Futures rose 0.1% to 7,666.50 points, Nasdaq 100 Futures were flat at 29,294.0 points and Dow Jones Futures stood at 52,868.0 points. In regular trading, the Dow Jones Industrial Average fell 1.3%, the S&P 500 declined 0.9% and the NASDAQ Composite lost 1%. Treasury yields resumed their climb after Wednesday’s relief, with the 10-year yield reaching about 4.70% and the 30-year yield 5.25%. Higher yields can pressure technology and growth stocks by increasing the discount rate used for future earnings. Brent crude rose above $93 a barrel as tensions between the United States and Iran remained unresolved, reviving concerns about persistent inflation and complicating monetary-policy expectations. Walmart shares plunged 9.2% after weaker-than-expected quarterly sales growth and a warning about a softer consumer environment, while Amazon, Home Depot and American Express also declined. Deere & Company rose 7% after lifting the lower end of its full-year profit forecast. Investors are increasingly focused on the Federal Reserve’s policy outlook ahead of the Jackson Hole Economic Policy Symposium on Aug. 27-29. Investing.com also promoted a 55% discount on its InvestingPro premium stock-market insights service.

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