Stock Futures Drop as Bond Yields Hit Multi-Year Highs

Stocks are taking a dive before the bell this morning, with futures on both the Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) down triple digits, while S&P 500 (SPX) futures sit firmly lower as well. Rising bond yields are weighing on Wall Street, with the 10-year Treasury yield and 2-year Treasury yield both hitting their highest levels since 2007 in the wake of the U.S. Federal Reserve's rate decision. Meanwhile, weekly jobless claims came in at a lower-than-expected 201,000. 

Continue reading for more on today's market, including: 

• Restaurant stock looks ripe for options bears. 
• 10 facts about 0DTE options from traders. 
• Plus, two earnings reports to unpack; and a tech stock in focus. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 988,946 call and 779,403 put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.79 and the 21-day moving average stayed at 0.66.
2. FedEx Corp (NYSE:FDX) stock is up 5.3% premarket, after the logistics company's fiscal first-quarter profit beat and raised forecast overshadowed a revenue miss. No fewer than eight analysts lifted their price targets after the event. Since the start of the year, FDX is up 44.6%. 
3. Darden Restaurants Inc (NYSE:DRI) beat fiscal first-quarter earnings estimates and reiterated its full-year forecast. The restaurant stock is slipping before the bell, though paring earlier premarket losses -- down 0.2% at last glance. The equity is holding on to an 8% year-to-date lead. 
4. The shares of Skyworks Solutions Inc (NASDQ:SWKS) are down 1.3% in electronic trading, after BNP Paribas Exane downgraded the software name to "neutral" from "outperform," with a price-target cut to $110 from $115. Since the start of the year, the equity is up 5.7%. 
5. See what economic data is scheduled this week. 

Fed Fatigue Reaches Overseas Markets

Stocks in Asia mirrored stateside futures, following the U.S. Federal Reserve’s decision to leave interest rates unchanged. The central bank did, however, say that it expects another rate hike before the end of the year. The Bank of Japan (BoJ) kicked off its own two-day policy meeting and the Nikkei lost 1.4% Thursday. South Korea’s Kospi led the region’s losses with a 1.8% drop, while Hong Kong’s Hang Seng and China’s Shanghai Composite shed 1.3% and 0.8%, respectively.

A deluge of interest rate updates from European central banks are weighing on markets in the region. Specifically, Turkey, Sweden, Switzerland, Norway, and England all saw their central banks make updates, with the Bank of England (BoE) pausing its hiking cycle after a cooler-than-expected inflation reading. At last glance, London’s FTSE 100 is 0.3% lower, while the France’s CAC 40 is off by 1.5%, and the DAX in Germany is down 1.1%.