Stock futures are flat as the S&P 500 attempts to avoid another losing week

cnbc.com:

Stock futures were flat in overnight trading Thursday as the S&P 500 tried to avoid another losing week amid busy earnings and rising bond yields.

Futures on the Dow Jones Industrial Average dipped 20 points. S&P 500 futures and Nasdaq 100 futures both traded 0.1% lower.

The overnight action followed a dramatic reversal Thursday that saw major averages wiping earlier gains and closing lower. The Dow ended the day more than 300 points lower, while the S&P 500 dropped nearly 1.5%. The tech-heavy Nasdaq Composite bore the brunt of the sell-off on surging rates, sliding 2%.

«Stagflation concerns resurface on the back of real-time signs of a tight labor market and waning business sentiment, coupled with another bounce in 10-year Treasury yields — and all peppered with a deluge of earnings releases,» Chris Hussey, a managing director at Goldman Sachs, said in a note.

For this week, the Dow is up 1% and on pace to break a three-week losing streak. The S&P is up less than 0.1% on the week and attempting to break a two-week losing streak. The Nasdaq, however, is down 1.3% week to date, on track to post its third negative week in a row.

Weighing on sentiment Thursday was Federal Reserve Chair Jerome Powell's comment on the possibility of a larger-than-usual rate hike for next month.

Powell said during an International Monetary Fund panel moderated by CNBC's Sara Eisen that taming inflation is «absolutely essential» and a 50-basis-point hike is on the table for May.

Meanwhile, the first-quarter earnings season continues to roll on. Snap saw its shares jump more than 6% during extended trading after the social media platform reported first-quarter earnings that included strong growth in daily users.

Gap shares plunged 10% after the