Wall Street futures pointed sideways pre-bell Thursday as traders weighed prospects for higher interest rates and sluggish global economic growth.
The Bank of Canada on Wednesday followed the Reserve Bank of Australia’s lead in raising rates, signaling Western central banks’ efforts to tighten monetary policies are not yet over.
Benchmark 10-year US Treasury yields surpassed 3.8% of the high side in overnight trading, pressuring bond values.
In the futures, the S&P 500, the Nasdaq and the Dow Jones were all marginally lower.
Asian exchanges traded choppily overnight, while European bourses edged higher midday on the continent.
GameStop (GME) shares were down more than 18% pre-bell after the video-game retailer overnight posted a wider-than-expected fiscal Q1 adjusted loss and lower net sales in addition to disclosing that Chairman Ryan Cohen was elected executive chairman after former CEO Matt Furlong was terminated.
Toro (TTC), Signet Jewelers (SIG) and FuelCell Energy (FCEL) plan to report earnings pre-bell, among others.
On the economic calendar is the weekly jobless claims report at 8:30 am ET, followed by the wholesale inventories bulletin for April at 10 am.
The weekly EIA domestic natural gas supplies report posts at 10:30 am.
In pre-market action, Bitcoin traded at $26,394, West Texas Intermediate crude oil was higher at $73.07, and 10-year US Treasuries offered 3.81%. Gold traded for $1,960 an ounce.