U.S. stock futures meandered with mildly fluctuating Treasury yields early Thursday, amid signs the bond market sell-off was abating.How are stock-index futures trading
S&P 500 futures
dipped 4 points, or 0.1%, to 4294
Dow Jones Industrial Average futures
fell 45 points, or 0.1%, to 33281
Nasdaq 100 futures
eased 16 points, or 0.1%, to 14908
On Wednesday, the Dow Jones Industrial Average
rose 127 points, or 0.39%, to 33130, the S&P 500
increased 34 points, or 0.81%, to 4264, and the Nasdaq Composite
gained 177 points, or 1.35%, to 13236.
What’s driving markets Equity-index futures trading continued to be led by moves in the U.S. Treasury market, as traders parse economic data to determine the Federal Reserve’s policy trajectory. Ten-year Treasuries were little changed on Thursday, but consider the previous two sessions. The S&P 500 fell 1.4% on Tuesday as the 10-year Treasury yield hit a fresh 16-year high around 4.8% when the JOLTS survey showed a robust labor market. Then on Wednesday the Wall Street stock benchmark rose 0.8% after a softer-than-expected ADP employment report helped push 10-year yields down from an early session high around 4.87% to finish the day around 4.73%. “One [piece of] good news for the U.S. jobs market, and one bad news. Everyone is now holding his or her breath into Friday’s jobs data, which will determine whether we will end this week with a sweet or a sour taste in our mouth,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “Sweet would be loosening jobs data, sour would be a still-strong jobs data which would fuel the hawkish Fed expectations and further boost U.S. yields…[which] are at a critical moment,” she added. Before that traders must contend with some U.S. economic updates set for release on Thursday, including the weekly initial jobless claims data and the trade deficit for August, both due at 8:30 a.m. Eastern. There’s also more Fedspeak, including Cleveland Fed President Loretta Mester talking at the Chicago Payments Symposium at 9 a.m., and San Francisco Fed President Mary Daly making comments at noon in New York.
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