Investing.com -- U.S. stock futures turned higher in choppy trading on Wednesday, erasing earlier gains but not straying too far from the flatline, as investors gauged a surge in bond yields and looked ahead to fresh labor market data.
All of the main indices on Wall Street slumped by more than 1% on Tuesday after stronger-than-anticipated job openings data sent U.S. bond yields soaring, weighing on equity valuations. Yields typically move inversely to prices.Following the losses, the Dow is now in negative territory this year. However, the S&P 500 and Nasdaq are still up by 10% and 24%, respectively, in 2023, thanks in part to an artificial intelligence-powered surge in tech stocks earlier in the year.
The jump in U.S. yields was felt in Germany, where the country's key 10-year government debt yield climbed to its highest point since 2011. Japan's central bank also announced that it made unscheduled bond purchases, as yields on government debt spiked and authorities flagged that they were watching market movements with urgency.
However, the recently growing narrative of a slowing labor market in the U.S. was dented by data on Tuesday showing that-- often viewed as a proxy of demand for workers -- unexpectedly rose in August. The number bolstered bets that the Federal Reserve will choose to keep interest rates higher for a longer period of time.report at the end of the trading week will likely flesh out the jobs picture. The U.S.
Revenues of $459.3 million missed projections of $473.37 million, primarily due to the decrease in the net average selling price for conventional eggs.
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