US Futures Are Steady as Data Keep Fed Bets Alive: Markets Wrap

(Bloomberg) — US stock futures held steady and Treasury yields edged off the day’s highs as US economic readings kept alive expectations that the Federal Reserve can cut interest rates this year.

Data showed that retail sales rose 0.4% in December, compared to economists’ forecasts for a 0.6% increase. Americans also filed 217,000 claims for jobless benefits in the latest week, slightly above what was expected. However, the Philadelphia Fed Index reading of business conditions topped estimates. 

Contracts on the Nasdaq 100 traded 0.2% higher and S&P 500 was just above flat. The futures had risen more earlier, extending gains from the previous day, when US core inflation came in a touch below forecasts. US 10-year yields were two basis points higher, paring an advance. They slid 10 basis points on Wednesday as the CPI print encouraged traders to revive bets on Fed policy easing.

On currency markets, Bloomberg’s dollar index was up 0.2%, having traded 0.3% higher before the data releases. 

Markets are also watching the earnings season get underway, with Morgan Stanley and Bank of America Corp. both posting estimate-beating results, following on from peers such as JPMorgan Chase & Co and Goldman Sachs Group Inc. earlier in the week. In premarket trading, technology companies such as Nvidia Corp. and Super Micro Computer Inc. rallied after a strong outlook from chipmaker Taiwan Semiconductor Manufacturing Co.

European shares also rose about 0.8%, buoyed by a jump in jewelry sales at luxury goods maker Richemont.

Key events this week:

• ECB releases account of December policy meeting, Thursday
• Morgan Stanley earnings, Thursday
• US initial jobless claims, retail sales, import prices, Thursday
• China GDP, property prices, retail sales, industrial production, Friday
• Eurozone CPI, Friday
• US housing starts, industrial production, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.1% as of 8:42 a.m. New York time
• Nasdaq 100 futures rose 0.3%
• Futures on the Dow Jones Industrial Average fell 0.3%
• The Stoxx Europe 600 rose 0.7%
• The MSCI World Index was little changed

Currencies

• The Bloomberg Dollar Spot Index rose 0.2%
• The euro fell 0.1% to $1.0278
• The British pound fell 0.4% to $1.2193
• The Japanese yen rose 0.2% to 156.12 per dollar

Cryptocurrencies

• Bitcoin fell 0.5% to $99,213.89
• Ether fell 2.8% to $3,335.56

Bonds

• The yield on 10-year Treasuries advanced one basis point to 4.67%
• Germany’s 10-year yield advanced two basis points to 2.58%
• Britain’s 10-year yield was little changed at 4.73%

Commodities

• West Texas Intermediate crude fell 0.3% to $79.76 a barrel
• Spot gold rose 0.6% to $2,713.06 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Julien Ponthus and Margaryta Kirakosian.

©2025 Bloomberg L.P.