S&P, Nasdaq, Dow futures edge higher after selloff

Wall Street in New York City

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Stock index futures are slightly higher Thursday following a decline in the previous session spurred by weak retail earnings and the Fed minutes.

S&P futures (SPX), Nasdaq 100 futures (NDX:IND) and Dow futures (INDU) are all up about 0.2%.

Rates are pulling back a bit. The 10-year Treasury yield (US10Y) is down 1 basis point to 2.89% and the 2-year yield (US2Y) is down 1 basis point to 3.28%.

“Looking at fed funds futures for the March 2023 meeting … it’s clear investors are expecting a faster hiking cycle now that sees rates remain at higher levels,” Deutsche Bank’s Henry Allen wrote.

Before the bell, the Philly Fed manufacturing index for August arrives. Economists expect the index to rise to -5 from -12.3 in July.

Weekly jobless claims come out at as well, with the forecast for a small rise to 265K.

“US initial jobless claims have been trending up lately,” UBS chief economist Paul Donovan said. “Job security is important to keeping consumers on the path to slowdown, not the path to slump. Today’s data is unlikely to show an alarming level, however.”

July existing home sales numbers will be reported shortly after the start of trading. The consensus is for a drop to an annual rate of 4.9M.

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