Stock futures climbed Thursday as Wall Street attempted to recover its footing following another losing session for the S&P 500 and the Nasdaq Composite. Futures tied to the S&P 500 added 0.2%, as did Nasdaq-100 futures. Dow Jones Industrial Average futures were up by 125 points, or 0.3%. Credit bureau Equifax declined more than 9% in premarket trading on disappointing second-quarter guidance. Homebuilder D.R. Horton advanced more than 5% after quarter financials topped expectations. More than 11% of S&P 500-listed companies have now reported earnings in what’s shaping up to be a positive season. Of those that have already posted results, more than 72% have surpassed Wall Street expectations for their individual performances, according to FactSet. Thursday’s action comes a day after the S&P 500 and the Nasdaq Composite registered their fourth consecutive losing session, a first for each since early January. Both were hurt by slides in Nvidia and other technology names. Meanwhile, the 30-stock Dow fell for its seventh session in eight. The recent market pullback adds to a more difficult second quarter on Wall Street. All three major indexes are lower so far in April, in stark contrast to the stronger-than-expected market performance seen in the first quarter. The Dow, S&P 500 and the Nasdaq have also closed below their respective 50-day moving averages. “The stock market has been declining in recent weeks because rate cut expectations have dropped significantly,” said Michael Landsberg, chief investment officer of Landsberg Bennett Private Wealth Management. “Investors are not surprisingly taking some profits after the strong market performance seen during the first quarter.” U.S. Treasury yields edged higher on Thursday as investors examined fresh economic data and comments from Federal Reserve officials as they weighed the outlook for interest rates. The yield on the 10-year Treasury rose by less than 3 basis points to 4.598%. The 2-year Treasury yield was last at 4.95% after advancing by more than 2 basis points. Asia-Pacific markets climbed across the board Thursday, in contrast with Wall Street’s overnight losses which saw the S&P 500 and the Nasdaq Composite fall for a fourth straight day. Australia’s S&P/ASX 200 climbed 0.48% to close at 7,642.1, snapping a five-day losing streak as the country’s unemployment rate inched up to 3.8% in March, less than the 3.9% expected by Reuters. South Korea’s Kospi rebounded from Wednesday’s losses and led Asian markets, advancing 1.95% and ending at 2,634.7. The small-cap Kosdaq gained 2.72% to finish at 855.65. Japan’s Nikkei 225 reversed earlier losses and closed 0.31% up at 38,079, ending a three-day losing streak, while the broad-based Topix advanced 0.54% to 2,677.45. Hong Kong’s Hang Seng index climbed 1%, while the mainland Chinese CSI 300 traded up 0.12% to end at 3,569.8. Crude oil futures fell for a fourth day Thursday, as Israel has refrained from immediately striking back against Iran after the unprecedented air assault last weekend, easing fears that the Middle East is on the brink of a major war. The West Texas Intermediate contract for May fell 36 cents, or 0.42%, to $82.34 a barrel. June Brent futures lost 52 cents, or 0.6%, to $86.77 a barrel. Oil has sold off 4% this week as traders unwind the geopolitical risk premium built into prices over the last two weeks. Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion’s safe-haven appeal, overshadowing pressures from prospects of higher-for-longer U.S. interest rates. Spot gold was up 0.9% at $2,381.92 per ounce after hitting an all-time high of $2,431.29 last Friday. U.S. gold futures edged more than 0.3% higher to $2,397.30.
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