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S&P 500 Futures Steady After Snapping Three-Day Slide
S&P 500 futures held steady Wednesday night after Wall Street’s winning session, driven by falling Treasury yields, as investors eye weekly jobless claims and Walmart earnings. S&P 500 futures edged up 0.1%, Nasdaq-100 futures gained 0.3%, and Dow Jones Industrial Average futures rose 19 points, or 0.04%. In Asia, Japan’s Nikkei 225 climbed 0.66%, the Topix added 0.57%, South Korea’s Kospi surged 3.11%, the Kosdaq rose 2.26%, and Australia’s S&P/ASX 200 gained 0.59%. The S&P 500 snapped a three-session losing streak as longer-dated U.S. Treasury yields pulled back from multi-year highs after the government unveiled a plan to ease pressure from a recent bond market rout. The Treasury Department will more than double repurchases of 10-, 20-, and 30-year debt over the next few months, following the 30-year bond yield spiking to its highest level in nearly 20 years earlier this week. However, Michael Schumacher, former head of macro at Wells Fargo, cautioned the respite may be short-lived. "I'm still negative. I think long-term rates go up for a few reasons. In the U.S. case in particular, there's just a huge budget deficit. Not much sign that's going to improve. On top of that, you've got defense spending going up," he told CNBC, adding that pressures intensified before the Iran conflict. Investors now turn to weekly jobless claims, with economists polled by Dow Jones expecting 210,000 first-time claims for the week ended Aug. 15. Walmart is also set to report fiscal second-quarter results before the bell.