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US stock futures fell on Thursday, with Micron Technology weighing heavily on technology stocks, as investors tread cautiously into the final trading days of the second quarter with an eye on inflation data and Treasury yields.
Stocks finished higher on Wednesday, along with Amazon shares (Amzn) hitting a new record high and surpassing the $2 trillion mark for the first time ever, even as Treasury yields rose after a $70 billion auction of new 5-year notes.
Another record auction, with $70 billion worth of 7-year bonds sold, is likely to keep yields elevated to Friday’s PCE inflation reading, despite the release of weekly jobless claims data and a third estimate of second-quarter GDP before the start of… Today’s session.
Benchmark 10-year bonds were last seen trading at 4.335%, with two-year bonds holding at 4.751% before the start of the New York trading session.
The US dollar index, which tracks the greenback against a basket of six global currencies, was down 0.14% at 105.905, but remains within striking distance of its highest levels in two months.
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On Wall Street, Micron (in) Shares fell 5.6%, pulling chipmakers like Nvidia (NVDA) and advanced micro-devices (AMD) The company’s stock also fell, after it issued weak near-term sales and earnings forecasts, which offset a stronger-than-expected third-quarter update.
Banking stocks were also in focus, with JP Morgan falling 0.03% and Citigroup rising 0.47%, following the results of the Federal Reserve’s annual stress tests of the nation’s largest lenders.
The Fed said that all 31 banks were able to withstand a hypothetical scenario of high unemployment and collapsing real estate prices, paving the way for dividends and stock buybacks during the second half of the year.
Heading into the start of the trading day, futures tied to the S&P 500 index are pointing to a modest 7-point decline at the opening bell, while the Dow Jones Industrial Average is pointing to a 60-point decline.
Premarket declines for Micron and Nvidia sent the technology-focused Nasdaq down 432 points.
More from Wall Street analysts:
- Analyst updates price target for Oracle stock price after earnings
- Analyst reruns price target for Trade Desk stock price after Netflix deal
- Analysts adjust price targets for Micron stock ahead of earnings
In Europe, the regional Stoxx 600 index fell 0.17% in Frankfurt, with Britain’s FTSE 100 index down 0.24% in London, in a quiet session for stocks ahead of this weekend’s parliamentary elections in France.
Overnight in Asia, Japanese Finance Minister Shunichi Suzuki issued a direct warning about currency intervention after the yen hit a 38-year low of 160.88 against the US dollar, sending the Nikkei 225 down 0.82% in Tokyo.
Meanwhile, the MSCI ex-Japan regional index fell 0.4% ahead of the close of trading.
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