Today's stock futures decline as 10-year Treasury yield reaches a three-year peak.

BY THE NUMBERS

The stock market experienced a mixed open on Friday as U.S. stock futures lost momentum after the 10-year Treasury yield reached a three-year high following the Federal Reserve's announcement of more aggressive measures to combat inflation. Tech stocks were hit the hardest, with the Nasdaq falling over 2.5% through Thursday's close. The S&P 500 was down 1% from Monday to Thursday, while the Dow had dropped nearly 0.7% so far this week. Next week, the banks will begin the latest quarterly earnings season.

The 10-year Treasury yield increased on Friday, surpassing the previous day's high of 2.667% since March 2019 and remaining above the 2-year yield. Last week, the Treasury yield inverted for the first time since 2019. Additionally, the 5-year/30-year Treasury yield spread remained inverted on Friday after flipping last week for the first time since 2006. (Source: CNBC)

On Friday, U.S. oil prices rose slightly, but stayed below $100 per barrel. Despite this, West Texas Intermediate crude has fallen more than 3% this week after last week's 13% decline. This is due to the U.S. announcing its largest-ever release from its Strategic Petroleum Reserve and International Energy Agency member nations joining the effort to combat soaring oil and gasoline prices. (Reuters)

IN THE NEWS TODAY

In the Donbas region, where Russia has been involved in military operations for years, Ukrainian leaders have warned that the fighting will resemble the battles of World War II. Meanwhile, the Kremlin has acknowledged that Russian forces have suffered "significant losses" in their unprovoked invasion of Ukraine.

Elon Musk, Twitter's biggest shareholder and incoming board member, will participate in a Q&A session hosted by the social network, according to internal company messages. The town hall session was announced by Twitter CEO Parag Agrawal in a companywide email following a week of internal outrage over Musk's moves.

The CEO of Tesla, Elon Musk, announced at a grand opening event for the company's new factory in Texas that the company aims to produce 500,000 units of the Model Y in a single year and hopes to start production of its Cybertruck there next year. Additionally, Musk stated that production of Tesla's Optimus humanoid robot could start next year.

The Jeep Wrangler Magneto 2.0 concept vehicle is a redesigned all-electric version of the brand's flagship SUV, marking a pivot from gas-guzzling vehicles to zero-emissions EVs. This concept vehicle was unveiled a year after the brand introduced the first version of the all-electric SUV. (CNBC)

The Retail, Wholesale and Department Store Union claims that Amazon interfered in a recent union election at an Alabama warehouse, according to a statement on Thursday.

Peter Thiel, a billionaire venture capitalist, stated at a bitcoin conference on Thursday that Warren Buffett is at the top of a list of individuals who are attempting to hinder the growth of the world's largest cryptocurrency. Thiel referred to Buffett as "the sociopathic grandpa from Omaha," alluding to the Nebraska city where Buffett's Berkshire Hathaway (BRK.a) is located. (Source: CNBC)

MS is now targeting family offices with billions of dollars in assets, having successfully managed money for the wealthy for the past four years.

On Friday, President Joe Biden will commemorate the confirmation of Judge Ketanji Brown Jackson as the first Black woman to be appointed to the Supreme Court, signifying the culmination of her legal journey and completing his political narrative. (AP)

STOCKS TO WATCH

Biogen's Aduhelm, an Alzheimer's disease treatment, fell 1% in premarket trading after the government announced that Medicare will limit coverage for it. Only patients enrolled in clinical trials will receive coverage.

Spirit Airlines said it will commence negotiations with JetBlue Airways about its rival's $3.6 billion takeover bid. Earlier this year, Spirit agreed to be acquired by Frontier Airlines parent, United Continental Holdings (ULCC), but the JetBlue offer could result in a superior proposal. In premarket trading, Spirit increased by 1.4%, JetBlue added 1%, and Frontier surged by 2.5%.

Goldman Sachs downgraded Robinhood to "sell" from "neutral," causing a 4.1% slide in the company's premarket stock price. The bank believes that consensus estimates for Robinhood are overly optimistic and that the company faces a high hurdle to achieve profitability in 2023.

The lubricant maker's stock price increased by 9.5% in the premarket after reporting better-than-expected quarterly earnings and revenue. Despite earning $1.41 per share, which was 40 cents above estimates, the company slightly reduced its full-year guidance due to inflationary challenges.

Designer Brands raised its full-year earnings outlook and reinstated its quarterly dividend after a two-year pause. The upbeat forecast comes ahead of the company's annual investor day. Designer Brands stock jumped 4.6% in the premarket.

Bank of America Securities upgraded KR to "buy" from "neutral," and BofA said that elevated food inflation will be among several upside earnings drivers.

The cloud computing company received authorization to protect critical assets of the U.S. Department of Defense, causing CRWD to rally 3.7% in premarket action.

WATERCOOLER

Tiger Woods is currently 1-under in the second round of the Masters, one of only 17 players in the red after Thursday's first round. He will have a better understanding of how his repaired leg will perform when he tees off Friday afternoon. (AP)