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U.S. stock futures bounced Friday after soaring Treasury yields clobbered tech stocks again Thursday, causing the Nasdaq to drop 3%. The S&P 500, which also has a heavy tech weighting, fell almost 1.5% from its prior record close. Both stock benchmarks had their worst days in nearly a month. The Dow Jones Industrial Average fared much better but still dropped almost 0.5% from its prior record close. The Nasdaq and S&P 500, as of Thursday’s close, were lower on the week, while the Dow was higher for the week.
Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill, Washington, U.S., December 1, 2020.
Al Drago | Reuters
The 10-year Treasury yield pulled back Friday, one day after hitting a 14-month high of 1.754%. Traders revolted over the Federal Reserve’s willingness to let the economy and inflation to run hot as the job market recovers. Yields barely moved Wednesday afternoon after the Fed’s meeting concluded, responding initially to the forecast for no rate hikes through 2023. The rapid rise in yields is being driven by concerns that more Covid stimulus on top of an already recovering economy will spark worrisome inflation. The 10-year yield started the year at less than 1%.
The Nike logo is seen on the Nike store on February 22, 2021 in New York City.
John Smith | Corbis News | Getty Images
Dow stock Nike fell nearly 2% in Friday’s premarket, the morning after the athletic footwear and apparel maker reported fiscal third-quarter revenue that missed estimates. Sales growth of 2.5% to $10.36 billion was hurt by widespread port congestion in the U.S. and ongoing store closures in Europe. Nike also warned on outlook. However, the company did exceed estimates by 14 cents with a third-quarter profit of 90 cents per share.
Boxes containing the Moderna COVID-19 vaccine are prepared to be shipped at the McKesson distribution center in Olive Branch, Mississippi, U.S. December 20, 2020.
Paul Sancya | Reuters
FedEx, a component of the Dow Jones Transportation Average, jumped 5% in Friday’s premarket. The delivery giant after-the-bell Thursday reported fiscal third-quarter earnings of $3.47 per share, 24 cents better than expectations. Revenue rose 23% to $21.51 billion, also handily exceeding estimates. Big holiday sales offset severe weather in February that impaired operations at several of Fedex’s largest hubs.
U.S. President Joe Biden speaks about the state of vaccinations during a coronavirus disease (COVID-19) response event in the East Room at the White House in Washington, March 18, 2021.
Carlos Barria | Reuters
The CDC’s vaccine tracker, updated nightly, showed Friday morning that 115.7 million Covid vaccine doses have been administered in the U.S., reaching President Joe Biden‘s initial 100 million shots in the first 100 days in office way ahead of schedule. Last week, Biden said he expected to hit the goal on Day 60. It happened on Day 57. With vaccinations in the U.S. progressing, the Biden administration Thursday revealed the outlines of a plan to loan a limited number of vaccine doses to Canada and Mexico.
U.S. Secretary of State Antony Blinken speaks while facing Yang Jiechi, director of the Central Foreign Affairs Commission Office, and Wang Yi, China’s Foreign Minister, at the opening session of US-China talks at the Captain Cook Hotel in Anchorage, Alaska on March 18, 2021.
Frederic J. Brown | AFP | Getty Images
The first high-level meeting of U.S. and Chinese officials under the Biden administration began with a flurry of insults at a pre-meeting press event in Alaska on Thursday. The planned four-minute photo session for the officials to address reporters ended up lasting one hour and 15 minutes due to the frothy exchanges, according to NBC News. Expectations going in to the two-day talks, which are set to conclude Friday, were already low.
— The Associated Press contributed to this report. Get the latest on the pandemic with CNBC’s coronavirus blog.