Global Markets:
- Asian Stock Markets : Nikkei down 0.50%, Shanghai Composite up 0.01% Hang Seng up 0.71% ASX down 0.31%
- Commodities : Gold at $4,587.56 (0.35%) Silver at $68.845 (1.10%), Brent Oil at 93.65 (-0.13%), WTI Oil at 86.59 (-0.28%)
- Rates : US 10-year yield at 4.707, UK 10-year yield at 5.0700, Germany 10-year yield at 3.2555
News & Data:
- (USD) Unemployment Claims
- 206K to 210K expected
Markets Update:
Stock futures were little changed Thursday night after a sharp Wall Street sell-off pushed the major averages toward weekly losses.
S&P 500 futures and Nasdaq-100 futures hovered around the flatline. The S&P 500 fell 0.9%, while the Nasdaq Composite declined 1%. The moves left the S&P 500 down 1.9% for the week and the Nasdaq lower by 2.5%, putting both indexes on track to end a three-week winning streak. The Dow Jones Industrial Average was down 1.8% week to date and headed for its second consecutive weekly decline.
Asian markets also traded lower. Japan’s Nikkei 225 dropped 0.92% and the Topix slipped 0.40%. South Korea’s Kospi declined 1.07%, while the small-cap Kosdaq fell 2.44%. Australia’s S&P/ASX 200 edged 0.21% lower.
Thursday’s weakness came as longer-term U.S. Treasury yields resumed their climb. Recent government efforts to stabilize the bond market failed to calm investor concerns over persistent inflation and Treasury debt supply.
UBS Chief Investment Officer Ulrike Hoffmann-Burchardi said Treasury buybacks would reshape the maturity profile of government debt rather than reduce the amount of debt markets need to absorb, leaving broader concerns about Treasury supply unresolved.
Meanwhile, Ross Stores shares surged more than 7% in after-hours trading following better-than-expected second-quarter results, providing a bright spot amid broader market weakness.
Upcoming Events:
- 1:45 PM GMT – USD Flash Manufacturing PMI
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