US Futures Steady After Market Selloff
US stock futures steadied on Thursday after the major averages fell in the previous session, as strong economic data, a weak Treasury auction and renewed inflation concerns tied to energy prices pushed Treasury yields to multi-decade highs. In regular trading on Wednesday, the Dow fell 0.68%, the S&P 500 declined 0.75% and the Nasdaq Composite dropped 1.13%. Ten of the 11 S&P sectors ended lower, led by communication services, utilities and consumer discretionary. The benchmark 10-year US Treasury yield climbed to around 5.11%, its highest level since July 2007. The move followed S&P Global PMI data showing strong new orders and multi-year highs in input and output price inflation, fueling expectations of another Federal Reserve rate hike this year. Oil prices also rebounded as uncertainty persisted over progress in US-Iran talks. Investors now await the latest weekly jobless claims data, along with earnings reports from Costco and Darden Restaurants.
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