Stock Market Today: S&P 500, Dow, Nasdaq Futures Fall as 30-Year Treasury Yield Hits 2002 High; Iran Mocks US Economy

U.S. stocks look set to open on a negative note on Wednesday, with futures of the Dow Jones, S&P 500 and Nasdaq 100 indices falling, following Tuesday’s higher close. Adding to the market's headwinds, U.S. Treasury yields surged across the curve, with the 30-year yield touching 5.71%—its highest level since 2002. Political fallout and rising Middle East tensions dominated headlines after President Donald Trump sparked bipartisan backlash over his remarks on Iran. The Iranian Parliament Speaker Bagher Ghalibaf mocked U.S. economic vulnerabilities on social media. “Boo! Are you ready?” Ghalibaf wrote, accompanying his response with a meme referencing rising diesel prices, 10-year Treasury yields, junk bond spreads, consumer confidence, and housing affordability, turning Scott Bessent’s message about Iran’s economic troubles into a jab at the U.S. economy. The geopolitical strain pushed energy prices higher, with Brent crude topping $101 following an upgraded fourth-quarter price forecast from the EIA. Meanwhile, the 10-year Treasury bond yielded 5.30%, and the 2-year Treasury bond yielded 4.80%, at the last check. The CME Group’s FedWatch tool projections show markets pricing in a 19.4% likelihood of the Federal Reserve hiking interest rates after its October meeting. The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket trading on Wednesday. The SPY fell by 0.40% to $776.01, while the QQQ declined 0.73% to $754.15.