Dow futures signal another bumpy ride on Wall Street

Dow Jones Global markets

GETTYDow Jones Global markets have been hammered on opening today

The heavier load of Treasury debt that needs to be issued to fund widening deficits comes as the Federal Reserve has begun gradually reversing government bond purchases it made to aid recovery from the financial crisis. After sinking 567 points early in the day and stumbling into correction territory, the Dow ended the day with a mirror image gain of 567 points.

Wall Street tumbled back into sell-off mode, with the Dow plunging more than 1,000 points as worries over interest rate hikes continued to drag the market down.

The S&P 500 rose 38.55 points, or 1.5%, to 2619.55.

The Nasdaq is down 463.79 points, or 6.4 percent.

The market's pullback came amid concerns about rising bond yields and higher inflation. The yield on the 10-year Treasury note rose to 2.84 percent.

U.S. stocks finished lower on Wednesday after early gains, with investors remaining cautious after the recent market slide and hedging their bets.

Traders were still bracing for further volatility in the near future, as they tried to determine if the wild swings these past few days were the beginning of a deeper market correction, or just a temporary blip in the United States market's nine-year bull run.

The two best-known stock market indexes, the Dow and the Standard & Poor's 500, have dropped 10% from their all-time highs, set on January 26.

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The up-and-down swings followed a drop of 10% from the latest record highs set by major United States indexes just two weeks ago.

The Dow Jones Industrial Average plummeted 4.2 per cent to 23,860.46 yesterday.

During Friday's session alone, the S&P 500 swung from as high as up 2.2 percent to down 1.9 percent, echoing the big swings of the past week.

The Swiss franc dipped 0.2 percent to 0.9383 franc per dollar after advancing about 0.7 percent the previous day, while the euro was on course for its worst week against the dollar since October as it nudged up to $1.2271.

"After the moves earlier this week market investor sentiment is fragile and because of this we aren't expecting the markets to immediately start moving higher once again", said J.P. Morgan Asset Management Global Market Strategist Kerry Craig.

Few big companies emerged unscathed, with Dow giants Boeing and Caterpillar losing around five percent, around the same range as tech titans Amazon and Facebook. It was up as much as 349 shortly after the opening bell.

The S&P 500 and other major averages had already reversed lower Wednesday in part as the increased spending agreement took hold lifting yields.

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