Dow now set to open 300 points lower as global bond yields slide
It was unclear of the exact reason for the sliding stock futures but the move coincided with the 10-year Treasury yield sliding to its lowest level since 2016. The benchmark 10-year Treasury yield traded at 1.63% after staring August above 2%. The move further narrowed the yield curve, a widely watched recession indicator. The spread between the 10-year rate and the 2-year yield fell to its lowest level since 2007 at less than 8 basis points.