🔴 Communications ETF (FCOM) is trading 4.5% down in pre-market as higher Treasury yields pressure communications stocks

FCOM is trading at $68.68, down 4.50%, as elevated Treasury yields weigh on growth-oriented communications stocks.

• On September 28, communication services led S&P 500 sector losses, falling 1.67% amid higher Treasury yields and renewed oil-price concerns after the U.S. rejected Iran’s Strait of Hormuz proposal.
• The 10-year yield reached 5.25%; overnight yields were above 5.27%.
• Futures were mixed, rather than a uniform equity-futures selloff; FCOM’s supplied price context showed a further pre-market decline.