(Sharecast News) - Wall Street futures were in the red ahead of the opening bell on Thursday, as investors contended with another jump in Treasury yields and a sharp move higher in crude prices.
As of 1230 BST, Dow Jones futures were down 0.94%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.58% and 0.83% softer, respectively.
The Dow closed 341.41 points lower on Wednesday as both Treasury yields and oil prices pushed higher.
Treasuries were in focus yet again early on Thursday, with the yield on the benchmark 10‑year note climbing more than five and a half basis points to 5.351%, touching levels last seen in 2002, while the 30‑year note also traded near 24‑year highs, up five basis points at 5.726%. The latest rise follows comments from Federal Reserve governor Christopher Waller, who warned that further rate hikes may still be required to bring inflation under control.
Oil prices also surged after Donald Trump said he did not intend to strike a deal with Iran to end the conflict in the Middle East, amid reports the US was preparing for a "massive bombing" campaign in the region. Brent crude jumped 5.14 to $105.35 a barrel, while West Texas Intermediate gained 5.03% to $92.72, adding further pressure to sentiment and bond markets.
On the macro front, weekly jobless claims from the Labour Department will be published at 1330 BST, while August wholesale inventories figures will follow at 1500 BST.
In the corporate space, PepsiCo posted stronger‑than‑expected third‑quarter revenues on Wednesday, overcoming softer demand in North America with a marked improvement in its global snacks business. Net revenues rose 5.6% to $25.27bn in the July to September period, ahead of the $24.95bn expected by analysts. PepsiCo said snack‑food volumes increased 4%, the fastest rate of growth since 2021, driven largely by its international operations, which now account for around 41% of group revenue.
Reporting by Iain Gilbert at Sharecast.com