Stock market today: Wall Street points lower again, heading for fourth straight loss

Futures for the Dow Jones industrials slipped 0.5% before the bell and the S&P 500 gave up nearly 0.6%.

Though the yield on the 10-year-Treasury came back down by early Friday -- to 4.22% from 4.32% Thursday morning -- it's been threatening to eclipse levels unseen in more than 15 years. The 10-year Treasury was yielding less than 0.70% three years ago. Higher yields also mean borrowers have to pay more to get cash, which can crimp corporate profits and cause unforeseen things to break in the system, like the three high-profile U.S. bank failures that shook markets this spring.Yields have been on the rise as more reports show the U.S. economy remains remarkably resilient. On the upside for markets, the data mean the economy has been able to avoid a long-predicted recession. But on the downside, it could also keep upward pressure on inflation.

Japan's Nikkei 225 slipped 0.6% to finish at 31,450.76. Australia's S&P/ASX 200 was virtually unchanged, inching up less than 0.1% to 7,148.10. South Korea's Kospi shed 0.6% to 2,504.50. Hong Kong's Hang Seng dropped 2.1% to 17,950.85, while the Shanghai Composite edged down 1.0% to 3,131.95. Evergrande Groupe, the giant Chinese real estate developer, says it is asking a U.S. court to approve a restructuring plan for foreign bondholders and denied news reports suggesting it filed for bankruptcy. Evergrande Groupe's $340 billion in debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system.

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