Treasury yields hit 2002 highs, stocks edge higher

Stock futures edged higher Tuesday evening after equities fell amid rising Treasury yields, with the 30-year bond yield reaching its highest level since June 2002 above 5.6% and the 10-year yield hitting a fresh 2007 high near 5.3%, dragging the Dow down over 100 points. Federal Reserve official John Williams said there is "no need for urgency" before the October meeting, easing rate-hike fears, with traders pricing a 49% chance of a quarter-point hike next month, down from 71% Monday. Oil prices tumbled, yet markets remained pressured by tighter financial conditions. Traders now await Wednesday's August Personal Consumption Expenditures index, the Fed's preferred inflation gauge, expected to rise 0.3% monthly to a 3.7% annual pace. September and third-quarter performance has been mixed, with the S&P 500 and Nasdaq up 2% for the quarter while the Dow is down nearly 2%.