Bond Yield Spikes Puncture Wall Street Pre-Bell; Asia, Europe Off

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Wall Street futures pointed moderately lower pre-bell Wednesday as traders weighed equities markets at rich valuations but rising interest rates on benchmark government bonds. The yield on 10-year US Treasuries eclipsed 4.55% in morning action, up from 4.35% in mid-May. In the futures, the S&P 500 fell 0.6%, the Nasdaq declined 0.7% and the Dow Jones was off 0.6%. Asian exchanges largely traded lower overnight although Shanghai broke even, while…

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