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Futures Hit Fresh Record High Ahead Of PPI, Claims Data

Another day, another all time high in US equity futures with spoos trading at the nice, round 4,444 on Thursday morning, while Dow futures also hit a record high on Thursday ahead of earnings reports from companies including Walt Disney and data expected to show a jobs market recovery was on track.

Yet while nothing can stop the relentless juggernaut in US stocks, global equity markets fluctuated on Thursday, with European shares taking a pause after an eight-day rally of record highs on a mixed batch of earnings as Asian shares failed to follow a strong close on Wall Street with fears about the spread of the Delta variant of the coronavirus weighing on sentiment even as tame U.S. inflation eased fears the Federal Reserve would rush to reduce its economic support. As of 715am S&P futures were up 4 points to 4,444, Dow futures traded up 43 points or 0.12% and Nasdaq futures were 4.75 higher or 0.03% to 15,024. Treasury 10Y yields rose as high as 1.36%, reversing the drop after yesterday’s stellar 10Y auction as a 30Y auction looms; the dollar nudged higher while copper prices jumped after workers at a mine in Chile threatened to strike. Bitcoin dropped to $45,000.

In premarket trading, EBay slipped 1.7% after forecasting third-quarter revenue below analysts’ estimates, signaling that reopening economies and vaccine rollouts could be putting an end to the pandemic-led shopping boom. Shares of steelmaker Nucor Corp and equipment maker Caterpillar Inc inched higher in premarket trading, building on gains made on expectations of future infrastructure projects. Baidu shares fell 2.1% even after it beat expectations for quarterly revenue, buoyed by a rebound in advertising sales and higher demand for its artificial intelligence and cloud products. Here are some of the other notable movers today:

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