U.S. stock futures were higher early Thursday, with the S&P 500 (SPX) holding just below its all-time high. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were up 0.43%, 0.22%, and 0.3%, respectively, at 4:58 a.m. EST, June 26. Meanwhile, the U.S. dollar slipped to a three-year low on political uncertainty.
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In Wednesday’s regular trading, the S&P 500 ended with a gain of less than 0.01%, the Nasdaq 100 edged up 0.21%, while the Dow Jones slipped about 0.3%. Despite the mixed session, all three indexes remain on track for a positive week, with the S&P 500 still less than 1% below its February peak.
Adding to market sentiment, tensions in the Middle East appear to have cooled after Israel and Iran agreed to a truce. The U.S. is also planning to hold talks with Iran next week, further easing geopolitical concerns.
At the same time, the U.S. dollar came under pressure, falling 0.3% in Asian trading on Thursday and hitting its lowest level since early 2022. The drop followed a report that Donald Trump may announce his pick for the next Federal Reserve chair earlier than expected, adding to investor uncertainty around the direction of monetary policy.
Meanwhile, bond markets are feeling the strain. Investors are pulling money out of long-term U.S. bond funds at the fastest pace since early 2020, with nearly $11 billion withdrawn this quarter.
On the economic front, investors are eyeing May’s personal consumption expenditures (PCE) price index due Friday. Fed Chair Jerome Powell expects headline inflation to rise to 2.3%, with core inflation ticking up to 2.6%, slightly above April’s readings. Also on the radar is the latest weekly jobless claims data, which will be released at 8:30 a.m. ET today and could offer more clues about the strength of the U.S. labor market.
In addition, earnings results from Walgreens Boots Alliance (WBA) and Nike (NKE) are due today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.28%. Simultaneously, WTI crude oil futures are trending higher, hovering near $64.99 per barrel as of the last check. At the same time, the Gold Spot U.S. Dollar Price climbed to nearly $3,346 per ounce on Thursday.
Elsewhere, European stocks opened modestly higher today as investors kept an eye on the Israel-Iran ceasefire, the upcoming U.S. tariff deadline, and fresh remarks from Fed Chair Jerome Powell.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed on Thursday as investors assessed the ongoing ceasefire between Israel and Iran.
Hong Kong’s Hang Seng Index was down 0.61%. Also, China’s Shanghai Composite and Shenzhen Component indices closed lower by 0.22% and 0.48%, respectively. However, Japan’s Nikkei and Topix indices climbed 1.65% and 0.81%, respectively.
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