The Money Edit

Opening bell

Opening bell

S&P futures 0.4%
US 10 year 5.29%
Nikkei 225 68,277 2.3%
Stoxx 600 1.0%
Brent crude 2.6% to $100.60

Chip rally lifts Tokyo as yields test 2002 highs

Overnight

The S&P 500 slipped 0.3% to 7,651.54 on Wednesday and the Dow fell 0.9% to 50,906.05, while the Nasdaq composite edged up 0.2% to 26,861.06 as the 10 year Treasury yield rose to 5.29%. Overnight, Japan's Nikkei 225 closed 2.3% higher at 68,276.92, its best finish since mid August, after Micron guided to far stronger revenue than analysts expected and lifted chip stocks across Asia, with Hong Kong and mainland China shut for the National Day holiday. Europe went the other way, with the Stoxx 600 down about 1%, but US futures pointed up, S&P 500 futures ahead 0.4% and Nasdaq 100 futures ahead 0.7%.

What to watch

Weekly jobless claims arrive before the open and the ISM manufacturing survey follows mid morning, a monthly poll of factory purchasing managers in which any reading above 50 signals the sector is growing. Nine Federal Reserve officials speak through the day, including governors Christopher Waller, Michelle Bowman and Lisa Cook, and their tone matters because bond traders have pushed yields to multi decade highs on the view that the Fed will hold rates steady rather than cut quickly. Nike reports results after the close.

Sources