Futures dip as bold yields extend gains ahead of jobless claims data
- U.S. stock index futures slipped on Thursday as Treasury yields rose further ahead of jobless claims data that could provide a clearer picture of the Federal Reserve's interest rate agenda for the year.
Money market traders are pricing in U.S. rate cuts of 43 basis points by the end of 2024, according to LSEG's rate probabilities app. Before the jobs data, they were pricing in just one rate cut due to signs of a resilient economy and sticky inflation. Boston Fed President Susan Collins on Wednesday expressed confidence that the current setting of monetary policy will slow the economy in a way she believes will be necessary to get inflation back to the Fed's 2% target.) Markets gained 5.4% after the online brokerage beat estimates for first-quarter profit, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue.
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