Nasdaq futures exhibited minimal variation on Thursday following a notable rebound in major indexes the previous day, which effectively ended a three-session decline. Meanwhile, bitcoin, oil prices, and Treasury yields experienced an upward movement. Futures for the Dow Jones Industrial Average and S&P 500 indicated a decline of 0.2% and a fractional decrease, respectively, whereas Nasdaq 100 futures experienced a modest increase of 0.1%. On Wednesday, the benchmark S&P 500, blue-chip Dow Jones Industrial Average, and tech-focused Nasdaq Composite each concluded the day with an approximate increase of 0.2%, while bond yields experienced a decline. This movement followed the Treasury Department’s announcement regarding the decision to double its buyback of longer-term notes aimed at enhancing liquidity.
The 10-year Treasury yield, a significant determinant of interest rates across various consumer loans such as mortgages, was observed to be above 4.67% in recent trading, reflecting an increase of more than two basis points from Wednesday’s close. Bond yields declined yesterday following the announcement from the Treasury Department that it would “at least double” its buyback of longer-term notes, effective from Sept. 9 through Nov. 4. Bond yields increase as prices decline. Bitcoin traded around $71,600, marking its highest intraday level since early June and building on yesterday’s gains in the wake of the Treasury Department’s intervention in the bond market. Crypto-tied stocks MARA Holdings, Strategy, Coinbase Global, and Robinhood Markets experienced notable increases before the market opened, following significant gains on Wednesday.
Crude oil prices experienced an uptick following President Donald Trump’s warning of an impending “economic D-Day” concerning Iran, as negotiations to resume shipping through the Strait of Hormuz continue to be at a standstill. WTI futures, the U.S. benchmark, increased by 2.5% to approximately $88 a barrel, whereas Brent futures, the international benchmark, rose by 2.3% to $93.75. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, decreased by 0.2% to 98.61. Gold futures were relatively stable, hovering around $4,540 an ounce. Walmart is set to report earnings before the bell Wednesday, along with Deere & Co. and Advance Auto Parts.
U.S.-listed shares of Chinese firms NetEase and Alibaba Group Holdings experienced declines of 4% and 1%, respectively, following the release of their quarterly results. Shares of the Magnificent Seven mega-cap tech firms exhibited a mixed performance, remaining relatively unchanged following the previous day’s trading, where all but Nvidia closed higher. Tesla, which led the septet’s gains at more than 4% Wednesday, pointed down less than 1% before the bell. Moderna shares dropped 11% premarket after soaring over 175% yesterday, leading the S&P 500 following positive late-stage trial results for its mRNA-based cancer vaccine. Those of its partner, Merck, slipped 1.5% after jumping 13% to lead the Dow yesterday.
