US futures slump as 10-year Treasury yield rises to 1.74%

Treasury yields reached their highest since January 2020, continuing their climb after being briefly held back by the Federal Reserve's dovish words

The U.S. 10-year Treasury yield rose to 1.74% for the first time since January 2020 on Thursday, up around 10 basis points on the day, and the 30-year rate topped 2.4%.

The U.S. Federal Reserve said it expected higher economic growth and inflation in the U.S. this year and repeated its pledge to keep its target interest rate near zero.

Inflation concerns are rattling investors once again, fueling a selloff in U.S. bonds and sending Nasdaq futures sharply lower in early trading.

The Nasdaq 100 Index, a benchmark for high-valuation stocks that are sensitive to rising yields, sank 1%.

U.S. equities look poised to