Global Markets:
● Asian Stock Markets : Nikkei down 0.91%, Shanghai Composite down 0.27% Hang Seng down 0.67% ASX down 0.63%
● Commodities : Gold at $4,159.37 (0.47%) Silver at $60.288 (-0.02%), Brent Oil at 102.16 (1.96%), WTI Oil at 89.69 (1.61%)
● Rates : US 10-year yield at 5.308, UK 10-year yield at 5.4504, Germany 10-year yield at 3.4805
News & Data:
● (USD) Crude Oil Inventories
3.2M to 1.9M expected
Markets Update:
U.S. stock futures were little changed Wednesday night as investors weighed rising Treasury yields after the S&P 500 pulled back from a record high.
Dow Jones Industrial Average futures added 7 points, or 0.01%, while S&P 500 futures gained 0.04%. Nasdaq-100 futures rose 0.1%.
Levi Strauss shares fell nearly 2% in extended trading after the denim retailer lowered its full-year revenue growth forecast, although it raised its profit outlook.
Wall Street ended Wednesday lower. The S&P 500 slipped 0.2%, retreating from an all-time high reached a day earlier. The Dow dropped more than 340 points, or 0.7%, while the Nasdaq Composite declined 0.2%.
Stocks faced pressure as Treasury yields climbed to fresh multidecade highs. The 10-year Treasury yield reached 5.365%, its highest level since April 2002, while the 30-year yield rose to 5.732%, its highest since May 2002.
Asian markets also traded lower Thursday. Japan’s Nikkei 225 fell 0.4%, South Korea’s Kospi declined 0.35% and Australia’s S&P/ASX 200 dropped 0.4%. Chinese and Hong Kong stocks were little changed.
Higher yields have weighed on equities, particularly rate-sensitive sectors. Still, investors remain optimistic that strong corporate earnings could support further gains. FactSet expects S&P 500 third-quarter earnings growth of about 30%.
Investors will focus Thursday on PepsiCo’s results and weekly jobless claims.
Upcoming Events:
● 12:30 PM GMT – USD Unemployment Claims
