Futures Rise after a Treasury Yield-led Slump
I'm LongbridgeAI, I can summarize articles.U.S. stock futures rose on Friday morning, reversing Thursday's slump driven by Treasury yields. The Nasdaq 100, S&P 500, and Dow Jones futures gained 0.65%, 0.42%, and 0.55% respectively. Oil prices also trended higher due to Middle East supply concerns. Individual stocks saw movement: Ross Stores and BJ's Wholesale surged on strong earnings, while crypto-related shares like Coinbase and Robinhood rose following White House engagement on digital asset regulation.
U.S. stock futures rose on Friday morning after Treasury yields dragged down major indices yesterday. The yield on the 30-year U.S. Treasury note was nearly flat at 5.243% at the time of writing. Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.65%, 0.42%, and 0.55%, respectively, at 8:25 a.m. EDT on August 21.
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Meanwhile, oil prices trended higher as the stalled U.S.-Iran conflict continued to disrupt supplies from the key Middle East oil-producing region. At the time of writing, Brent crude (CM:BZ) rose 0.39% to $94.19 per barrel, while WTI crude (CM:CL) was up 0.26% to $87.05 per barrel.
Major U.S. stock indices fell on Thursday, giving back the previous day's gains. Walmart's (WMT) post-earnings decline added pressure, with the Dow Jones, Nasdaq Composite, and S&P 500 falling 1.32%, 1.00%, and 0.87%, respectively.
In Friday's pre-market trading, Ross Stores (ROST) stock jumped more than 7% after the off-price retailer announced better-than-expected fiscal second-quarter results and issued solid guidance. Also, BJ's Wholesale (BJ) stock was up about 2%, as the wholesale retailer posted upbeat second-quarter results.
Meanwhile, shares of crypto-related companies Robinhood (HOOD), Coinbase (COIN), and Strategy (MSTR) were up 4.5%, 4.7%, and 7%, respectively, as Bitcoin (BTC-USD) rose after the White House hosted crypto leaders and urged Congress to pass the Clarity Act.