The Nightcap: futures flat after the 5.35% yield scare, gold steadies near $4,130
S&P 500 and Nasdaq 100 futures are barely changed at 9:36 PM ET, a day after the 10-year Treasury touched a 24-year high. Thursday brings jobless claims and a $22 billion 30-year auction.
Wall Street's futures are quiet tonight, which is itself the story: after a session in which the 10-year Treasury yield reached 5.35%, its highest since 2002, equity futures are not extending the damage. Reuters, via Investing.com, carried the same read overnight: futures steady after Wall Street retreated from records.
Futures at 9:36 PM ET
| Instrument | Level | Change on our board | Wednesday cash close |
|---|---|---|---|
| S&P 500 futures | 7,812.4 | +0.07% | 7,801.77 (-0.22%) |
| Nasdaq 100 futures | 31,232.6 | +0.14% | n/a (Composite 27,538.69, -0.22%) |
| Dow futures | 51,190.3 | -0.01% | 51,179.87 (-0.66%) |
| Russell 2000 | 2,793.1 | -0.08% | 2,793.20 (-1.31%) |
| Gold | $4,133.58 | +0.54% | n/a |
Quotes from the Chronicle markets board, taken at 9:36 PM ET. Cash closes from Yahoo Finance. Futures normally sit slightly above cash because of carrying costs, so a gap of a few points to the close is not a signal on its own.
The rates backdrop did not change
On the Treasury's official curve the 10-year closed Wednesday at 5.28%, the 2-year at 4.77% and the 30-year at 5.67%. CNBC reported that a strong 10-year auction pulled the yield off its high. The relief is thin: the Fed's September minutes, covered in our minutes story, said most participants saw another hike by year end. The next meeting is October 27-28. Small caps, the most rate-sensitive corner, are the part of the tape to watch: see today's close.
Gold and crypto
Gold is up 0.54% tonight, but only after a drop. WSJ and Kitco headlines described a two-month low near $4,100 on higher yields and a stronger dollar. Our board has the dollar index at 101.92, roughly flat. Bitcoin is $83,334, down 1.22% over 24 hours, and Ether is $2,583.77, down 2.75%, per Coinbase quotes on our board.
Headlines to know
- Investing.com reported fresh Amazon job cuts, mainly in its retail division. We have not seen company detail on the size.
- Reuters reported that Tropical Storm Isaias is forecast to hit the U.S. Gulf coast as a hurricane early Saturday, per Investing.com. The Gulf is a major energy corridor, so the track matters to oil and fuel desks.
- Reuters reported General Dynamics named president Danny Deep as its next CEO, an insider succession.
What to watch Thursday
Initial jobless claims are due at 8:30 AM ET, forecast at 200,000 against 197,000 the week before. The Treasury sells $22 billion of 30-year bonds, the second test of demand this week after the 10-year auction. September CPI follows on October 14. See the economic calendar.
Sources: Chronicle markets board, Yahoo Finance, U.S. Treasury, CNBC, Reuters, Investing.com, WSJ, Kitco, Federal Reserve, Coinbase. Quotes may be delayed. This is market information, not investment advice.
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