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Stock market today: US futures tip lower as investors look for inspiration

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Federal Reserve,Interest Rates

Stocks have lost their bounce after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer.

US stocks tipped slightly lower on Thursday after the rate-cut and AI growth hopes that have buoyed markets took a knock, putting the spotlight on the next batch of earnings to provide some impetus. Dow Jones Industrial Average futures dropped roughly 0.2%, setting up for a struggle after a six-day winning streak. Futures on the S&P 500 dropped 0.1%, while those on the tech-heavy Nasdaq 100 pulled back 0.2%.

The fading confidence spread to bonds, sending the benchmark 10-year Treasury yield higher to around the 4.5% level. High yields have proved a drag on growth stocks — megacap Big Techs in particular. At the same time, a downbeat annual revenue forecast from Arm cast doubt on the hopes for AI growth that have boosted chip stocks. The chip designer's shares sank 9% in pre-market trading, with sector peers Nvidia and AMD down slightly. Warner Bros.

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