Futures tied to the S&P 500 were little changed, while Nasdaq-100 futures slipped 0.2%. Dow Jones Industrial Average futures gained 137 points, or 0.3%.
The benchmark 10-year US Treasury yield climbed to 4.814%, its highest level since November 2023. Bond yields also moved higher across the UK, Germany and France, while Japan’s 10-year government bond yield traded near multi-decade highs.
The rise in yields came as investors assessed the potential inflationary impact of higher oil prices. West Texas Intermediate crude traded above $90 a barrel on Wednesday, reaching its highest level since late July, after the US launched additional military strikes on Iran, raising concerns that the conflict could escalate further.
Meanwhile, data from ADP showed US private-sector employers added jobs at a slower-than-expected pace in August. Companies added 38,000 jobs, down from an upwardly revised 46,000 in July and below the Dow Jones estimate of 47,000. Hiring gains were concentrated largely in healthcare and a handful of other industries.
Uber shares rise after job cuts announcement
Uber shares gained more than 1.5% in premarket trading after the ride-hailing company announced plans to cut about 3,300 jobs, or roughly 10% of its workforce, as part of a restructuring aimed at reducing management layers.
The company said it expects to cut its number of managers by 20% and increase the number of employees working from offices. Going forward, only about 1% of Uber employees will be allowed to work remotely.Also Read: US tech firms may crowd out others in euro bond market and raise credit risk
