Dow Jones Today: Narrow Rally Faces Bond Selloff And $100 Oil

Dow Jones futures fell 0.7% on Wednesday morning, while S&P 500 futures lost 0.3% and Nasdaq-100 futures dropped 0.6%. Both indexes had closed at record highs the day before. Selling in global bonds pushed the 30-year Treasury yield up to 5.70%, its highest level since 2002, as investors waited for the minutes of the Fed’s September meeting, when policymakers raised rates to fight inflation. The minutes should show whether that hike was a one-off or the first of several. Traders priced roughly 20% odds of another hike at the Fed’s October meeting next week.