Stock futures fall after S&P 500 hits new low for the year; 10-year Treasury yield briefly tops 4% - CNBC

Stock futures fell Wednesday as traders struggle to find their footing after the S&P 500 notched a fresh bear market low in the previous session, with the 10-year Treasury yield continuing its march higher.

The benchmark 10-year Treasury yield rose 4 basis points to 4.005%, marking the first time since 2010 that it traded above the key 4% level.

Meanwhile, the Bank of England said it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound.

The British pound got a brief boost Wednesday after the Bank of England said it would buy long-dated UK government bonds in an effort to stabilize the country's currency.

"Green hydrogen is a growth market — we increase our 2030 market estimates by [over] 4x," the bank said, forecasting that green hydrogen production will expand by around 40 times by 2030.

The yield on the policy-sensitive 2-year Treasury was at 4.2953%.