Stock futures were mixed early Thursday as Wall Street gears up for the start of a new trading month against a backdrop of surging Treasury yields.
Futures for the Dow Jones Industrials fell 25 points, or 0.1%, Thursday to 51,253.
Futures for the S&P 500 gained 14.75 points, or 0.2%, to 7,730.25.
Futures for the NASDAQ Composite surged 153.75 points, or 0.5%. to 30,852.50.
The moves come as the 10-year U.S. Treasury yield traded near levels not seen since 2002, along with the 30-year bond yield. The former gained one basis point to trade at 5.298%, while the latter rose to 5.64%.
Thursday’s moves come after an uneven month of trading for equities. September, historically a weak month for stocks, wasn’t kind to the S&P 500, which dropped 0.5%.
Investors grappled with higher oil prices and a surge in Treasury yields, stoking fears of additional rate hikes. The Dow lost 4.3%, while the NASDAQ outperformed and gained 1.9% in the month.
Wednesday also marked the end of the third quarter. The S&P 500 and the NASDAQ each advanced about 2%, while the Dow lost 2.7%.
On Thursday, investors will digest initial jobless claims, due out at 8:30 a.m. ET. That release will be followed by Friday’s September jobs report.
In Japan, the Nikkei 225 popped 3.3%, while in Hong Kong, markets were closed for holiday.
Oil prices accelerated $1.88 to $92.30 U.S. a barrel.
Gold prices brightened $10.30 to $4,197.00 U.S an ounce.
