Stock futures point to a higher open after a selloff spurred by rising yields.
Treasury yields rose, with the 30-year bond yields piercing the key 5% level amid government deficit worries as Republicans work on passing a giant tax bill that some analysts estimate could cost $3.8 trillion. The One, Big, Beautiful Bill passed late on May 21 the House Rules Committee to bring it up for a floor vote. Among the things that were included to jump that final hurdle: an increased state and local tax (SALT) deduction cap of $40,000 from $10,000 and Medicaid work requirements to begin in December 2026 instead of 2029.
At 5:30 a.m. ET, futures linked to the blue-chip Dow fell -0.12%, while broad S&P 500 futures added 0.08% and tech-heavy Nasdaq futures rose 0.16%.
Corporate news
Clothing retailer Urban Outfitters’ quarterly results topped analysts’ forecasts.
Snowflake raised its full-year sales outlook for product revenue and sees its current quarter sales just above analysts’ expectations. The data storage company’s results in the first three months of the year also beat Street estimates.
AT&T agreed to acquire substantially all of Lumen Technologies’ Mass Markets fiber internet connectivity business.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures higher after selloff spurred by rising yields
