Nasdaq 100 Futures Fall After Netflix's Earnings Disappoint

The yield on the benchmark 10-year Treasury touched 1.87% Thursday, ahead of the Federal Reserve's two-day meeting next week.

"While a handful of rate hikes over the next year or two would represent a shift in Fed policy, we wouldn't consider policy restrictive and we don't expect the initial rate increase to derail the economic recovery," said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. However, he added that rate hikes will inject volatility into the market.

Both the Dow and S&P 500 are on track for a third straight week of losses. The Nasdaq Composite is down nearly 5% on the week, putting it on track for its fourth-straight losing week and largest weekly loss since Oct. 2020. Small caps have also been hit hard, and the Russell 2000 is on track for its worst week since June 2020.

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