S&P 500 futures rose modestly on Thursday following a session in which the broad-market index added to its longest winning streak since November 2021. Futures tied to the S&P 500 gained 0.2% along with Dow Jones Industrial Average futures. Nasdaq-100 futures were little changed. Disney rose 4% after reporting better-than-expected profit and expanding its cost-cutting plan, while Arm dipped 5% following its first quarterly report as a public company. Lyft dropped nearly 2% as bookings came in worse than anticipated and the rideshare platform said it expects further weakness. Meanwhile, MGM Resorts rose 3% in premarket on strong results and a new share buyback program. The moves follow a muted but momentous day on Wall Street. While the S&P 500 finished up just 0.1%, it marked the longest winning streak since 2021 at eight days. The tech-heavy Nasdaq Composite inched up by 0.08%, eking out a ninth winning day for its lengthiest stretch of positive sessions in two years. The Dow finished down by about 0.1%, snapping a seven-day run of gains. But despite the S&P 500′s winning streak, the market still has narrow leadership, according to Robert Haworth, senior investment strategist at U.S. Bank Wealth Management. Technology stocks have also continued to outperform as investors assess the interest rate environment, he said. “It’s a market that appears to be thinking that higher rates are going to be with us for longer,” Haworth said. “It’s really bifurcated.” In other new, initial filings for jobless benefits released Thursday showed a decline of 3,000. Traders are looking ahead to remarks from a slate of Federal Reserve officials — including chair Jerome Powell — throughout the day. U.S. Treasury yields rose on Thursday as investors looked to economic data and comments from Federal Reserve officials for clues about what could be on the horizon for the economy. At 6:13 a.m. ET, the 10-year Treasury was up by over 2 basis point at 4.529%. The 2-year Treasury yield was little changed and was last trading under one basis point higher at 4.94%. Most Asia-Pacific markets rose Thursday after indexes in the region fell for two straight days, while data from China showed consumer prices shrank faster than expected. South Korea stocks ended marginally higher, after the benchmark Kospi, dropped 3.24% in the last two sessions, erasing more than half of what it gained earlier in the week when the country re-imposed a ban on short selling. Government data showed October consumer prices shrank 0.2% year-on-year in China, more than the 0.1% fall expected by economists polled by Reuters. Producer prices declined 2.6%, slightly smaller than the expected decline of 2.7%. The Kospi closed 0.23% higher at 2,427.08, inching higher after two days of declines. The Kosdaq, however, shed 1% ending at 802.87. It fell for the third straight day. Hong Kong’s Hang Seng index dipped 0.22% in the final hour of trading, on pace for its third day in the red. China’s CSI 300 index ended flat at 3,612.83. Japan’s Nikkei 225 added 1.49% to reach 32,646.46, and the Topix gained 1.26% at 2,335.12. In Australia, the S&P/ASX 200 ended 0.28% higher at 7,014.90. Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world’s two biggest oil consumers. Brent crude futures rose 42 cents, or 0.5%, to $79.96 a barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 36 cents, or 0.5%, at $75.69 a barrel. The uptick came after both benchmarks fell more than 2% to their lowest since mid-July on Wednesday, as worry over possible supply disruptions in the Middle East eased and concern over U.S. and Chinese demand intensified. Gold prices lingered near a three-week low on Thursday as the initial safe-haven demand from the Middle East conflict faded, while investors awaited comments from U.S. Federal Reserve Chair Jerome Powell for more clues on interest rates. Spot gold was down 0.1% at $1,948.39 per ounce by 03:37 GMT after hitting its lowest since Oct. 19 on Wednesday. U.S. gold futures fell 0.2% to $1,953.50.
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