U.S. Futures Slip With Stocks; Dollar Weakens

S&P 500 Index futures edged lower with European stocks on Thursday as the global rally showed signs of faltering while stimulus talks in Washington remained deadlocked. The dollar fell before key unemployment data.

Cisco Systems Inc. and Micron Technology Inc. led decliners in Wall Street’s premarket trading, as shares faltered in the wake of the S&P closing Wednesday within 0.2% of its all-time high. Insurers and mining stocks pulled down European benchmarks. Dutch insurer Aegon NV tumbled after its profit missed estimates and as it withdrew financial targets over uncertainty from the pandemic.

Gold resumed its advance and Treasuries headed for their first gain in a week before an auction of 30-year notes. Stock markets in the U.S. and Asia have erased most of their losses triggered by the onset of the pandemic, though investors continue to bank on further fiscal stimulus. The concern is that government lifelines merely deferred even more unemployment. Data in the U.S. later on Thursday is forecast to show 1.1 million new jobless claims.

Stocks

Futures on the S&P 500 Index decreased 0.1% as of 7:03 a.m. New York time.The Stoxx Europe 600 Index declined 0.4%.Germany’s DAX Index dipped 0.2%.The MSCI Asia Pacific Index advanced 0.5%.

Currencies

The Bloomberg Dollar Spot Index sank 0.3%.The euro climbed 0.5% to $1.1846.The Japanese yen strengthened 0.1% to 106.84 per dollar.The British pound climbed 0.6% to $1.3109.

Bonds

The yield on 10-year Treasuries dipped one basis point to 0.66%.Germany’s 10-year yield decreased less than one basis point to -0.45%.Britain’s 10-year yield declined one basis point to 0.225%.

Commodities

West Texas Intermediate crude decreased 0.1% to $42.63 a barrel.Gold advanced 1% to $1,934.58 an ounce.

U.S. Futures Slip With Stocks; Dollar Weakens, Bloomberg, Aug 13