Stock futures muted after Thursday’s rout on Wall Street

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Wall Street

Futures point to a flat session

U.S. stock futures are pointing to a muted open for Wall Street on Friday after the Dow Jones Industrial Average finished 560 points, or 1.8% lower on Thursday as bond yields continued their upward move.

By 5:30 a.m. ET, futures tied to the Dow and those for tech-heavy Nasdaq 100 were little changed, while the S&P 500 futures added 6.88 points, or 0.18% to 3,834.88.

The 10-year U.S. Treasury yield surged more than 16 basis points to 1.6% in the previous session, its highest mark since February 2020.

The current rise in bond yields is partly because of the assumption that the U.S. economy is rebounding from the coronavirus downturn and inflation will shoot up once restrictions on social contact are lifted.

SEC reportedly probing Elon Musk over Dogecoin tweets

The U.S. Securities and Exchange Commission (SEC) is reportedly looking into Elon Musk’s tweets about meme-cryptocurrency Dogecoin, according to financial newswire First Squawk. Musk has been promoting Dogecoin on his Twitter account.

While the regulator has not confirmed the rumor, there is sufficient context to speculate on a probe.

In 2018, the Tesla CEO entered a settlement with the SEC that could put his tweets under increased scrutiny after he sent out a controversial tweet claiming he had “funding secured” to take the company private.

Musk said in a tweet Thursday that he welcomes a SEC investigation into his tweets promoting Dogecoin. “I hope they do! It would be awesome,” he said.

Beyond Meat jumps after scoring deals with McDonald’s and Yum Brands

Shares in Beyond Meat (NASDAQ: BYND) climbed 4.28% to $149.9 each in pre-market trading Friday after the plant-based meat maker announced a three-year global strategic deal with McDonald’s (NYSE: MCD) late Thursday.

Under the terms of the agreement, Beyond Meat will be McDonald’s preferred supplier for the patty in the McPlant burger.

Beyond Meat also entered a global strategic collaboration with Yum Brands (NYSE: YUM) to co-create plant-based protein menu items that can only be found at KFC, Taco Bell, Pizza Hut over the next several years.

 

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