Dow futures point to 200-point rise at Friday open
Stock-index futures pointed higher Friday, but Wall Street was still on track for weekly losses, as U.S. Treasury yields recovered from multi-year lows and investors continue to track U.S.-China trade negotiations.
Through Thursday, the S&P 500 was holding a 2.4% loss for the week, while the Dow was off 2.7% and the Nasdaq was down 2.7%. A brief inversion Wednesday of the main measure of the yield curve, with the 10-year yield dipping below the 2-year, was blamed for contributing a stock-market rout. An overall decline in yields, tied in part to a global flight to safety amid economic worries, also added to the gloom, analysts said. On Friday, the 10-year yield TMUBMUSD10Y, +1.04% was up 2.6 basis points at 1.558%. Yields and debt prices move in opposite directions.
The economic calendar features data on July housing starts and building permits at 8:30 a.m. Eastern Time. Economists polled by MarketWatch forecast starts to come in at a 1.25 million annual pace, off slightly from 1.253 million in June. Permits are seen at a 1.287 million pace versus 1.22 million.Which stocks are in focus? Shares of farm-equipment maker Deere & Co. DE, +0.38% were off 3.6% in premarket after it topped expectations for revenues, but fell short on earnings.
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