tl;dr
Stock index futures are indicating a rebound Thursday following the previous day's selloff, due to remarks from Fed chief Jay Powell regarding the unlikelihood of a March rate cut. Nasdaq 100 futures are up 0.7%, with S&P futures and Dow futures also showing gains. Despite Powell's comments, the mar...
Stock index futures are indicating a rebound Thursday following the previous day's selloff, due to remarks from Fed chief Jay Powell regarding the unlikelihood of a March rate cut. Nasdaq 100 futures are up 0.7%, with S&P futures and Dow futures also showing gains. Despite Powell's comments, the market remains uncertain, and fed funds futures are still pricing in a 35% chance of a rate cut in March, with two jobs reports and CPI reports set to precede the next FOMC meeting.
While rates have stabilized, with the 10-year Treasury yield dropping 1 basis point to 3.95% and the 2-year yield rising 1 basis point to 4.24%, the market is still pricing in six quarter-point rate hikes by year-end. Before the bell, traders anticipate weekly initial jobless claims and a weak ADP print, while manufacturing data for January, including the final measure of the January S&P Global PMI and the January ISM manufacturing index, are also set to arrive. Economists expect a dip to 47.2 in the ISM manufacturing index.
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