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U.S. stocks are likely to remain weak on Thursday, major index futures indicated, as lower bond yields stayed elevated and mixed earnings dampened sentiment. On traders’ radar are key inflation data from the Federal Reserve, as well as jobs data and a revised quarterly GDP report besides a speech from a central bank official.
Futures | Performance (+/-) |
Nasdaq 100 | -0.28% |
S&P 500 | -0.37% |
Dow | -0.92% |
R2K | -0.01% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) declined 0.43% to $523.85, and the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.32% at $455, according to Benzinga Pro data.
Cues From Previous Session
Rising bond yields proved to be the undoing of the market on Wednesday, as the major indices closed uniformly lower. The averages opened down as the benchmark U.S. 10-year Treasury yield hovered above the 4.6% level. The indices moved sideways around these depressed levels before ending notably lower.
The Dow Jones Industrials Average closed at its lowest since early May and the broader S&P 500 Index retreated to a two-week low.
The sell-off was across the board, with the weakness more pronounced in energy, industrial, real estate, material and utility stocks.
Index | Performance (+/-) | Value |
Nasdaq Composite | -0.58% | 16,920.58 |
S&P 500 Index | -0.74% | 5,266.95 |
Dow Industrials | -1.06% | 38,441.54 |
Russell 2000 | -1.48% | 2,036.19 |
Insights From Analysts:
Carson Group’s Ryan Detrick is optimistic about the rally returning. To make his case, he noted that typically after a 5% gain in May, the market rises yet again in June five out of six times. The last three times which saw a 5%+ gain in May saw at least double-digit gains for the year.
Economist David Rosenberg, meanwhile, flagged a potential danger signal. The U.S. 10-year Treasury note has strong resistance at the 4.62% level but if the yield breaks above this level and returns to 5%, there could be a sell-off, he suggested.
“Break higher could set us up for a return to 5%. Equities won't like that one bit,” he said.
Upcoming Economic Data:
See Also: Best Apps For Trading Futures
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures extended their slide and traded under $79-a-barrel and gold futures continued to move sideways well below the $2,400 mark. The 10-year Treasury yield edged down slightly to 4.594%. Bitcoin (CRYPTO: BTC) traded nearly flat under $68k.
Wall Street’s weakness weighed down on Asian stocks, with the major markets in the region settling sharply lower, while European stocks posted uneasy gains in early trading.
Read Next: Fed Beige Book Shows Modest Economic Expansion Ahead Of Key GDP, Inflation Data Release
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