S&P 500 futures are down 40 points or 0.9% ahead of the open. The comes after a 125 point gain yesterday, or 3.0% on the heels of Powell taking a 75 basis point hike off the table for the June and July meetings.
Nasday futures are underperforming, down 0.9%. Shopify shares are down 14.5% in the pre-market after reporting earnings.
Rising bond yields aren't helping the tone with US 30-year yields at a session high, up 6 bps to 3.06%. There was some relief in bonds after the Fed yesterday but that's quickly unraveling.
