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U.S. Equity Futures were trading higher after the S&P 500 surge on Wednesday, recouping some of its losses from the previous day’s rout as traders recouped discounted stocks.
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-34.24 (-0.24%)
The major indices fluctuated on Wednesday during a choppy trading session as bond yields appeared to stabilize before resuming their advance.
The 10-year Treasury yield, which is used to set interest rates on many types of loans, fell from 1.53% to 1.52%.
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On Wednesday, the S&P 500 rose 0.2% to 4,359.46 after losing most of a 0.8% gain. The modest gain came a day after the benchmark posted its worst decline since May. The index is set to experience its first monthly loss since January.
The Dow Jones Industrial Average also lost momentum, but managed a 0.3% gain to 34,390.72, while the high-tech Nasdaq composite lost 0.2% to 14,512.44.
US equity futures were trading higher after the S&P 500 surged on Wednesday, recouping some of its losses from the previous day’s rout as traders clawed back on discounted stocks. (AP Photo / Richard Drew)
The Russell 2000 Small Business Index also fell, losing 0.2% to 2,225.31.
Bond yields have stabilized after surging last week and weighing on the market, especially technology stocks. The higher yields have forced investors to reevaluate if the prices have been too high for stocks, as this makes them expensive in comparison.
The broader market lost ground in September, leaving the S&P 500 down 3.6% for the month with a day to go.
Investors spent much of the month examining a mixed batch of economic data that showed the impact of COVID-19 and the highly contagious delta variant on consumer spending and the labor market recovery.
Investors are still watching the Federal Reserve closely to assess the impact of slower economic growth on the speed of its plan to cut bond purchases it has made to help keep interest rates low.
Wall Street also has its eye on Washington, where Democrats and Republicans in Congress are fighting to extend the nation’s debt limit. If the limit, which caps the amount of money the federal government can borrow, is not raised by Oct. 18, the country “would likely face a financial crisis and an economic recession,” said Wednesday. in Congress, Secretary of the Treasury Janet Yellen.
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Yellen’s remarks came a day after Senate Republicans blocked consideration of a bill that would have raised the debt ceiling.
The coming weeks will bring a new wave of corporate profits that will give investors a detailed look at the impact of supply chain issues and higher costs on business finances.
A wide range of companies have warned investors about the impact of inflation on costs and profits. Nike, Costco, and FedEx were among those who cited material costs, shipping delays, and labor issues.
Meanwhile, Asian stocks were mostly higher Thursday after a mixed trading session on Wall Street.
Tokyo’s Nikkei 225 index was little changed after the publication of disappointing factory and retail sales data. Stocks fell in Hong Kong, but most other regional benchmarks rose.
Japanese investors appeared to accept the choice of former Foreign Minister Fumio Kishida to lead the Liberal Democrats in power and thus become the next prime minister.
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China Evergrande Group shares fell 4.9% as reports said the company, which is struggling to reduce debt, was likely to miss another payment on a bond.
Evergrande shares surged on Wednesday after announcing it was selling a stake in Shengjing Bank to help repay a 10 billion yuan ($ 1.6 billion) debt to the northeast-based lender. China.
Hong Kong’s Hang Seng Index lost 0.8% to 24,468.38 while the Nikkei 225 in Tokyo lost 0.1% to 29,512.20.
The Shanghai Composite Index gained 0.6% to 3,558.85 and the Australian S & P / ASX 200 jumped 1.7% to 7,319.80. In Seoul, the Kospi climbed 0.5% to 3,075.76.
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In other trading Thursday, benchmark US crude oil fell 5 cents to $ 74.78 a barrel in electronic trading on the New York Mercantile Exchange. It fell 46 cents to $ 74.89 per barrel on Wednesday.
Brent crude oil fell 15 cents to $ 77.94 a barrel.
The US dollar slipped to 111.90 Japanese yen from 111.96 yen. The euro went from $ 1.1599 to $ 1.1608.
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