Futures Rise as Yields Fall - InvestingChannel

Futures Rise as Yields Fall

Stock futures rose Thursday as investors bet the Federal Reserve could be done raising rates for 2023. Traders also looked through the latest quarterly earnings reports.

Futures for the Dow Jones Industrials climbed 124 points, or 0.3%, to 33,027.

Futures for the S&P 500 grabbed 23 points, or 0.5%, at 4,279.

Futures for the NASDAQ hiked 115 points, or 0.8%, to 14,859.50.

The benchmark 10-year Treasury yield fell eight basis points to around 4.71%. The move comes after the Fed kept interest rates unchanged once again and upgraded its assessment of the U.S. economy. To be sure, Chair Jerome Powell would not rule out a rate increase at the December meeting.

Looking ahead, traders will watch for Thursday morning data on jobless claims, labor costs, productivity and factory orders. Closely watched statistics on nonfarm payrolls, the unemployment rate and hourly wages are slated for release on Friday morning.

SolarEdge tumbled more than 17% after posting an unexpected loss and offering dismal guidance for fourth-quarter revenue. DoorDash climbed more than 9% on earnings that surpassed Wall Street forecasts, while Etsy fell 4% after management warned of a challenging environment for consumer discretionary spending.

In Japan, the Nikkei 225 sprang up 1.1% Thursday, while in Hong Kong, the Hang Seng added 0.8%.

Oil prices rocketed $1.17 to $81.61 U.S. a barrel.

Gold prices brightened $8.50 to $1,996.00 U.S. an ounce.

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