Stock futures rebound following sharp decline: Market update

Stock futures are ticking higher after a steep selloff fueled by concerns about the impact of higher interest rates on the US economy. S&P 500 futures are up 0.3%, Dow Jones futures are up 0.2%, and Nasdaq 100 futures are up 0.2%. This slight recovery suggests that some investors believe the recent market shakeout may have been overdone. The 10-year Treasury yield has pulled back after reaching a 16-year high, but the prospect of a US government shutdown is causing additional nervousness. In economic data, updates on durable goods and mortgage applications are expected, leading up to the US second quarter GDP report and the Fed's reading on PCE inflation later in the week.