S&P 500 futures pare early sharp losses as traders note market may be oversold after falling to near 6-week low on company earnings fears.
U.S. stock futures were volatile as Treasury yields rose after the after Bank of Japan delivered a surprise tweak to monetary policy.
What’s driving markets Wall Street was in danger of recording a fifth consecutive session of losses after markets were rattled by a surprise monetary policy shift by the Bank of Japan. But on Tuesday the BoJ doubled the cap on the country’s 10-year bond, from 0.25% to 0.5%, causing the yen to jump more than 3% while whacking equities in the region and U.S. stock futures.
The 10-year U.S. Treasury yield TMUBMUSD10Y rose7 basis points to 3.658% as the equivalent maturity Japanese government bond TMBMKJP-10Y jumped 14.6 basis points to 0.402% However, some analysts observed that recent falls for U.S. stocks were starting to look overdone, and indeed S&P 500 futures pared losses later.
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