US Futures Steady After Market Selloff
US stock futures steadied on Thursday after the major averages fell in the previous session, as strong economic data, a weak Treasury auction and renewed inflation concerns tied to energy prices pushed Treasury yields to multi-decade highs. In regular trading on Wednesday, the Dow fell 0.68%, the S&P 500 declined 0.75% and the Nasdaq Composite dropped 1.13%. Ten of the 11 S&P sectors ended lower, led by communication services, utilities and consumer discretionary. The benchmark 10-year US Treasury yield climbed to around 5.11%, its highest level since July 2007. The move followed S&P Global PMI data showing strong new orders and multi-year highs in input and output price inflation, fueling expectations of another Federal Reserve rate hike this year. Oil prices also rebounded as uncertainty persisted over progress in US-Iran talks. Investors now await the latest weekly jobless claims data, along with earnings reports from Costco and Darden Restaurants.
US stock futures steadied on Thursday after the major averages fell in the previous session, as strong economic data, a weak Treasury auction and renewed inflation concerns tied to energy prices pushed Treasury yields to multi-decade highs. 13%. Ten of the 11 S&P sectors ended lower, led by communication services, utilities and consumer discretionary. 11%, its highest level since July 2007.
The move followed S&P Global PMI data showing strong new orders and multi-year highs in input and output price inflation, fueling expectations of another Federal Reserve rate hike this year. Oil prices also rebounded as uncertainty persisted over progress in US-Iran talks. Investors now await the latest weekly jobless claims data, along with earnings reports from Costco and Darden Restaurants.