In early Thursday action, the U.S. stock futures rose, possibly setting the stage for an end to a losing run.
The Dow Jones Industrial Average DJIA was up 2 points, or 0%, to 33598, the S&P 500 SPX declined 7 points, or 0.19%, to 3934, and the Nasdaq Composite COMP fell 56 points, or 0.51%, to 10959, as per the Dow Jones Industrial Average on Wednesday.
The benchmark index dropped 3.6% in a row, the fifth drop in a row for the S&P 500. The economic calendar is quiet ahead of the CPI decision and Federal Open Market Committee decision next week, with only jobless claims set for release on Thursday. The banking sector has seen a lot of caution this week. JPMorgan Chase JPM, CEO Jamie Dimon, gave a cautious commentary in an interview. M&T Bank MTB, slumped Wednesday after warnings that customers were seeking higher-yielding products and there was little activity in equity and debt capital markets. A decline in Treasury yields and a deeper inversion across the yield curve suggest that recession risks have started to overshadow inflation in the eyes of investors, as well as a range of leading economic indicators and the latest breakdown in oil prices, said Marios Hadjikyriacos, senior investment analyst at XM. On Thursday morning, the yield on the 10 year Treasury TMUBMUSD 10 Y was 3.45%, having started the month as high as 3.64%. The price of oil was trading just under $73 per barrel, having dropped 44% from its March highs.