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Futures Flat In Muted Session As Reflation Concerns Rise

U.S. index futures traded flat on Thursday morning, rebounding from some early weakness ahead of today’s ECB meeting, as investors assessed earnings from companies, including Southwest Airlines and AT&T, while awaiting weekly jobless claims data for clues on the pace of recovery in the U.S. labor market. Treasury yields steadied near a five-week low.

At 7:30 a.m. ET, Dow e-minis were down 15 points, or 0.04%, S&P 500 e-minis were down 5 points, or 0.11%, and Nasdaq 100 e-minis were down 22 points, or 0.16%.

On Wednesday, Wall Street’s main indexes closed higher, recovering from a two-day decline in the previous session with value stocks gaining about 1.1%. Shares of AT&T gained 1% in premarket trading after the company’s wireless subscriber additions trounced analysts’ estimates. read more. Southwest Airlines posted a smaller-than-expected quarterly adjusted loss and forecast lower cash burn in the second quarter. The airline’s shares, however, fell 1.7%.

The recent Russell 2000 underperformance signaled the rotation toward growth-friendly cyclical stocks was slowing. Notably, the benchmark U.S. 10-year yield fell below its 50-day moving average for the first time since November.

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