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Wall Street futures slip as crude oil stays high and bond yields rise
The 30-year Treasury yield ticked up 3 basis points to 5.2256%, while the Dollar Index held near 98.8 after the Treasury expanded its debt buybacks.
US stock futures pointed to a cautious start on Thursday, August 20, with weakness spread across contracts tied to the Dow Jones Industrial Average, Nasdaq-100 and the S&P 500 as oil prices stayed elevated and bond yields rebounded after the prior session.
According to LiveMint Markets, Dow futures were down 0.1% and Nasdaq-100 futures also slipped 0.1%, while S&P 500 futures were largely unchanged. The backdrop included a rise in the 30-year Treasury yield of 3 basis points to 5.2256%.
The report said the Treasury doubled its debt buyback programme to help calm the bond market, and on Wednesday increased the maximum size of its buyback operations through November 4, targeting longer-duration securities. Even so, yields edged higher again on Thursday amid concerns about demand for Treasuries as Japan and China reportedly cut holdings.
LiveMint Markets also linked the market mood to higher geopolitical risk, with the article noting expectations that tensions in the Middle East may escalate after Donald Trump announced what he described as an economic operation against Iran. Separately, Walmart shares slid more than 6% in pre-market trading after the company issued a cautious outlook for the year.
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%