CHPT - Futures Dip as Focus Shifts Back to Interest Rates
S&P 500 futures were lower early Thursday as renewed concern swirled on Wall Street over the course of the Federal Reserve's interest rate policy, and whether policymakers will enact another hike this year.
Futures for the Dow Jones Industrials lost 39 points, or 0.1%, to 34,440.
Futures for the S&P 500 sank 19.25 points, or 0.4%, to 4,452.25.
Futures for the NASDAQ plunged 118.5 points, or 0.8%, to 15,281.
Apple shares lost nearly 3% before the bell on a Bloomberg News report that China's looking to broaden a ban on the use of iPhones in state-owned companies and agencies.
Traders also pored through the latest corporate earnings, with C3.ai dropping more than 9% after reporting lower-than-expected gross margin in the recent quarter. GameStop added more than 3%, while ChargePoint Holdings fell about 11% after missing revenue estimates.
Major U.S. stock benchmarks are coming off a losing session as higher Treasury yields pressured tech stocks and heightened investor worry that the Federal Reserve will use recent stronger-than-expected economic data to justify additional hikes.
While 93% of interest rate traders foresee no change at September's Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose above 40%.
In Japan, the Nikkei 225 index settled 0.8% Thursday, while in Hong Kong, the Hang Seng dipped 1.3%.
Oil prices dropped 59 cents to $86.95 U.S. a barrel.
Gold prices hiked $2.90 to $1,947.10 U.S. an ounce.