Dow futures point to reversal of Wednesday's advance on Wall Street
U.S. stock futures fell back on Thursday as the positive impact on bond markets from the Bank of England’s intervention began to fade and yields again moved higher.On Wednesday, the Dow Jones Industrial Average DJIA, +1.88% rose 549 points, or 1.88%, to 29684, the S&P 500 SPX, +1.97% increased 72 points, or 1.97%, to 3719, and the Nasdaq Composite COMP, +2.05% gained 222 points, or 2.05%, to 11052. The Nasdaq Composite remained down 31.2% from its record closing high on November 19 2021.
“It might not be the last time a central bank buys government bonds… given how much debt there is and how much there’s likely to be going forward,” he added. The buck also resumed its advance as the euro EURUSD, -0.49% and pound GBPUSD, -0.35% fell back, pushing the dollar index DXY, +0.73% up 0.8% to 113.52, just shy of its 20-year high around 114.50 hit midweek.