Thursday, August 15, 2019 – U.S. futures are fluctuating Thursday, as investors digest a flurry updates, including trade headlines, a key corporate earnings report, and economic releases. The Dow and S&P 500 are both rising 0.4% in pre-market action. The Nasdaq 100 is trading 0.3% above fair value on the GLOBEX.
The major averages rallied overnight, in an attempt to rebound from yesterday’s session in which the Dow posted its worst day of the year. Those gains were erased early this morning after Beijing vowed to retaliate against the most recent tariffs proposed by Washington. Stocks are now set to open higher after Walmart’s quarterly profit and sales exceeded analyst forecasts. The retail giant also lifted its full-year guidance and is climbing 6.6% in pre-market trading. Positive data reports are also providing a tailwind to equities, as retail sales advanced 0.7% in July, the largest uptick since March. Separately, the Empire State Manufacturing Survey and the Philadelphia Fed Business Outlook indicated continued expansion in August. Additionally, initial jobless claims came in at 220,000 in the most recent week.
Treasuries are stabilizing, with the yield on the 10-year note off one basis point to 1.57% after touching 1.52% overnight, the lowest level in three years. The yield on the two-year note remains just below this point, currently at 1.55%. This follows yesterday’s session in which this portion of the curve inverted, causing investor anxiety over a slowdown in global growth.
Across the pond, the Euro STOXX 600 is unchanged. The Shanghai Composite added 0.3%, while Japan’s Nikkei 225 fell 1.2% overnight.
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