By Oliver Gray
Investing.com - U.S. stock futures were lower in early APAC deals on Thursday, after major benchmark indices continued their retreat from record levels, with market participants moving away from risk sensitive assets as fresh CPI figures posted the biggest annual gain in 31 years and long term yields spiked.
During Wednesday’s session, the Dow Jones shed about 0.7%, the S&P 500 lost 0.8% and the Nasdaq Composite dropped 1.7%.
Dow Jones 30 Futures were just 0.02% lower, while S&P 500 Futures fell 0.73% and Nasdaq 100 Futures dipped 1.40%.
Among stocks, Tesla Inc (NASDAQ:TSLA) added 4.34%, snapping two sessions of consecutive declines. Meantime, technology shares fell with Apple Inc (NASDAQ:AAPL) down 1.92% and Microsoft Corporation (NASDAQ:MSFT) falling 1.53% amid higher yields. Meantime, the third-quarter earnings season is on its final stretch. SoFi Technologies Inc. (NASDAQ:SOFI) popped 11.51% in after-hours trade after reporting better-than-expected earnings. Walt Disney Company (NYSE:DIS) lost 4.5% after Q3 earnings missed expectations, while Beyond Meat Inc (NASDAQ:BYND) plummeted 18.61% after reporting wider-than-expected losses. Meantime, AMC Entertainment Holdings Inc (NYSE:AMC) dipped 2.3% in extended trades after reports that AMC Entertainment CEO dam Aron sold $25 million in shares on Tuesday.
On the bond markets, United States 10-Year yields lifted to 1.57%.
Among data, The annual inflation rate in the US surged to 6.2% in October of 2021, the highest since November of 1990 and above forecasts of 5.8%, fueling fears that rampant inflation will push the Federal Reserve to raise official interest rates sooner rather than later. Meantime, the closely watched initial jobless claims data decreased further to 267k, the lowest number of jobless claims since the beginning of the pandemic as the economy continues its reopening.