U.S. stock futures slip as rising bond yields defy dour economic news from China and Europe.
How are stock-index futures trading On Friday, the Dow Jones Industrial Average DJIA rose 116 points, or 0.33%, to 34838, the S&P 500 SPX increased 8 points, or 0.18%, to 4516, and the Nasdaq Composite COMP dropped 3 points, or 0.02%, to 14032. U.S. markets were closed on Monday for the Labor Day break.
A Caixin survey showed China’s service sector expanded in August at its slowest pace in eight months, providing further evidence that the country’s post-pandemic recovery was faltering. “The data has overshadowed relief that the struggling property giant Country Garden 2007, -0.98% has managed to make key interest payments on its debt, reducing, for now, concerns about contagion in the financial sector. China appears to be taking one step forward, but two steps back, as optimism one day turns to pessimism the next,” Streeter added.
“Oil prices have surged to reach new highs in 2023, a development poised to have significant repercussions on the upcoming August consumer price index reports…[which] presents a fresh challenge for central banks as they continue their diligent efforts to bring inflation levels back in line with their desired targets,” said Stephen Innes, managing partner at SPI Asset Management.
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