U.S. Stock Futures Are Lower In Response to Powell Reaffirming the Central Bank's Commitment to Further Rate Hikes

U.S. stock futures are lower. U.S. markets are set to begin the week to the downside after a sharply lower close on Friday in response to Fed Chair Powell reaffirming the Central Bank’s commitment to fighting inflation through further rate hikes. Yields are higher across the curve, putting downward pressure on Treasuries. Earnings Season has largely concluded with 97% of S&P 500 constituents reporting results with 75% beating Q2 EPS projections. Asian markets closed lower and European markets are trading lower at midday as international investors digest Fed commentary. There are no major economic data releases scheduled for today.