Yields Spike, Futures Wane

Stock futures dipped Friday morning as traders focused on a recent run higher in the 10-year Treasury yield.

Futures for the Dow Jones Industrials leaned lower 77 points, or 0.2%, to 33,470.

Futures for the S&P 500 fell 9.75 points, or 0.2%, at 4,293.25.

Futures for the NASDAQ 43.25 points, or 0.3%, to 14,846.75.

The major averages are on pace for losses on the week. The S&P 500 is down 1.2% through Thursday’s close, while the NASDAQ is off 1.7%. The Dow is down nearly 0.8%.

The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years. The 10-year yield hit 5.001% around 5 p.m. ET on Thursday, the first time it has traded above that level since July 20, 2007 — when it yielded as high as 5.029%. It was last trading at 4.939%.

Shares of SolarEdge tumbled more than 28% after the company trimmed its third-quarter revenue guidance. Knight-Swift Transportation rallied more than 15% after beating estimates in the third quarter on both lines.

In Japan, the Nikkei 225 stumbled 0.5% Friday, while in Hong Kong, the Hang Seng slid 0.7%.

Oil prices gained $1.13 to $90.50 U.S. a barrel.

Gold prices $10.30 to $1,990.80 U.S. an ounce.

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