US stock futures hover near weekly lows after broad market selloff

US stock futures remained near weekly lows on Friday after heavy selling in the previous session, as Treasury yields rebounded on concerns that the government’s plan to lower borrowing costs may provide only temporary relief. Rising oil prices, amid a deadlock between the US and Iran over the Strait of Hormuz, added to inflation concerns. The Dow fell 1.32% on Thursday, the S&P 500 declined 0.87% and the Nasdaq Composite dropped 1%. Nine of 11 S&P sectors finished lower, led by consumer staples, health care and consumer discretionary stocks. Long-term Treasury yields reversed Wednesday’s decline after the Treasury Department announced larger debt buybacks. Ross Stores gained more than 8% in extended trading after reporting stronger-than-expected second-quarter results.

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