US Equity Futures Mixed as Traders Monitor Bond Yields, Oil Prices

MT Newswires Live
2 hours ago

US equity futures were mixed pre-bell Thursday as traders continued to monitor bond yields and oil prices.

Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were unchanged, and Nasdaq futures were 0.2% lower.

The US 10-year Treasury note yield lingered around 4.78%. New York Federal Reserve President John Williams told CNBC Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction. He added that he is taking a "wait-and-see" approach on a potential interest rate hike.

Traders digested the latest round of earnings, with Ciena (CIEN) posting higher fiscal Q3 adjusted earnings and revenue.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.4% at $97 per barrel and US West Texas Intermediate crude 2% higher at $92.79 per barrel.

The international trade in goods report for July, scheduled for release at 8:30 am ET, is expected to post a deficit widening to $90.2 billion from $73.3 billion in the prior month, according to estimates compiled by Bloomberg. The weekly jobless claims bulletin is expected to show 205,000 new unemployment claims for the week ended Aug. 29, up from 203,000 in the prior week.

The Q2 nonfarm productivity report is expected to show an annual gain of 1.4%, unchanged from the prior value. Unit labor costs are projected to rise 1.3%, also unchanged from the previous value.

The S&P Global purchasing managers' index composite final report for August is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.

Federal Reserve Governor Christopher Waller and Cleveland President Beth Hammack are slated to speak on Thursday.

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