Stock futures edged lower, with investors monitoring the conflict in Gaza and awaiting more blue-chip earnings. American Express’s results are the focus this morning.
Shares have come under pressure in recent days as the fighting between Israel and Hamas intensified and hopes for an imminent diplomatic solution receded. A surge in borrowing costs, with the 10-year U.S. Treasury yield nearing 5%, has also weighed on markets.
The Federal Reserve may hold interest rates steady at its next meeting, Chair Jerome Powell said Thursday, given that higher yields were tightening financial conditions. He also said rates could be raised further if there were more concerns about inflation.
Treasury yields pulled back. The yield on the benchmark 10-year note edged down after closing Thursday at 4.987%, the highest since 2007.
Stock-index futures wobbled. Contracts linked to the S&P 500, the Nasdaq-100 and the Dow edged down. The S&P 500 has shed more than 1% this week.
Solar-power stocks tumbled premarket after equipment maker SolarEdge Technologies cuts its guidance.
Oil prices climbed for a fourth day. The most actively traded contract for Brent crude rose around 1%, topping $93 a barrel.
Cryptocurrencies gained after the SEC dropped a crypto lawsuit, and investors separately bet the regulator would soon approve a bitcoin ETF.
Stocks fell in Asia and Europe. The Shanghai Composite and Japan’s Nikkei 225 retreated less than 1%. The Stoxx Europe 600 also declined.
Gold continued its ascent. The precious metal, viewed by some as a haven asset, neared $2,000 a troy ounce, trading at the highest since July.
Read More: Treasury Yields Retrench; Solar-Power Stocks Slump