"The futures are trading modestly higher on Thursday after a big snap-back rally on Wednesday, as all the major indices staged a solid rebound following the Tuesday sell-off. While some of the buying was likely "Buy the Dip" investors doing what has come naturally for the last three years, another possible tailwind was the ADP private jobs report, which showed a gain of 42,000 jobs, which was almost double expectations for October of 22,000."
"Yields were higher across the curve on Wednesday, except for some of the very short maturity T-bills. Following a massive safe-haven rally on Tuesday, some profit-taking, combined with stronger-than-expected U.S. economic data and concerns about future government debt issuance, led investors to reduce some of the elevated bids. The 30-year-long bond closed at a 4.74% yield while the benchmark 10-year note was last seen at 4.16%."
"Both Brent Crude and West Texas Intermediate were lower on Wednesday as sector concerns resurfaced. Brent finished the session at $63.52 while WTI was last seen below the critical $60 level at $59.60. The benchmark WTI settled at two-week lows due to pressure from concerns about a possible global oil glut, but data showing signs of substantial U.S. fuel demand limited losses."
Futures trade modestly higher after a snap-back rally as major indices rebounded following a sharp sell-off. The ADP private jobs report showed a gain of 42,000 jobs in October, nearly double expectations and the first private-sector job gain since July. A string of positive Q3 earnings and strong forward guidance eased concerns about a potential Artificial Intelligence bubble. Treasury yields rose across the curve with the 30-year at 4.74% and the 10-year at 4.16%, as profit-taking and stronger economic data trimmed prior safe-haven bids. Brent settled at $63.52 and WTI at $59.60, while natural gas drew strength from LNG demand and colder weather forecasts. Gold slipped below $4,000 to $3,973 amid surging October precious-metal sales.
Read at 24/7 Wall St.
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