U.S. stock index futures pointed lower Thursday, as markets struggle against the backdrop of rising bond yields and a strong dollar.
On Wednesday, the Dow Jones Industrial Average DJIA fell 199 points, or 0.57%, to 34443, the S&P 500 SPX declined 31 points, or 0.7%, to 4465, and the Nasdaq Composite COMP dropped 148 points, or 1.06%, to 13872.What’s driving markets An unusually strong reading of the U.S. ISM services index for August on Wednesday set the stage for a further move higher in yields and another rise for the U.S. dollar DXY.
“The U.S. dollar’s appreciation adds an additional layer of complexity for the rest of the world, as not only crude prices rise, but the U.S. dollar used to trade oil gains in value as well,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. The yield on the 10-year Treasury BX:TMUBMUSD10Y was 4.27%, after closing Wednesday at its fourth-highest level of the year.Data released Thursday showed first-time jobless claims fell by 13,000 to 216,000 in the week ended Sept. 2. This is the lowest level since mid-February.
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