Dow futures fall nearly 350 points on higher yields, Trump threats; Oil rises

Wall Street futures are trading with losses on Sunday evening local time, extending their losses from Friday's steep sell-off with bond yields edging higher, along with crude oil prices, and with no headway emerging from the US-Iran talks, which remain in a deadlock.

Dow futures are down 370 points on Sunday evening, while those linked to the S&P 500 and Nasdaq are down 50 and 250 points respectively.

US indices fell sharply on Friday with the S&P 500 and Nasdaq retreating from record highs. The Dow Jones fell 550 points, while the tech-heavy S&P 500 and Nasdaq declined 1.2% and 1.5% respectively. The losses were led by chip stocks, Nvidia, AMD, Micron and others, which fell between 4% to 6%. Barring Nvidia, both AMD and Micron are already up over 100% so far this year.

The 10-year bond yield on the US has now reached 4.6%, while that on the 30-year bond is now at 5.13%, the highest in nearly two decades.

US President Donald Trump once again threatened Iran on Truth Social that they better get moving towards a deal or they will have nothing left of them, stocking further oil supply fears. Brent Crude is trading above $110 a barrel this morning, while the July contracts of the West Texas Intermediate are also closing in on the $107 mark.

Apart from the Iran-related developments, the street will also be watching out for two major earnings this week. First, from Nvidia, the most valued company of the world, and more than the results, the street would await more clarity on China and the road ahead on demand. Second from Walmart, the world's largest retailer, and their guidance and commentary will also be keenly watched by the street for the current consumption scenario.