U.S. stock futures mixed, Chinese exports fall - what's moving markets
Investing.com -- U.S. stock futures pointed to a mixed open for equities on Wall Street, as investors examine how recent services sector data and a closely-watched Federal Reserve survey could impact the central bank's monetary policy. Elsewhere, China's exports contract in August in a sign of mounting pressure on the manufacturing industry in the world's second biggest economy, while a report that Beijing is barring government officials from using iPhones at work weighed on Apple (NASDAQ:AAPL) shares.
1. Futures mixed following Wednesday slide
U.S. stock futures were mixed on Thursday after stronger-than-anticipated U.S. services sector data sent Treasury yields higher and weighed on equities in the prior session.
At 05:40 ET (09:40 GMT), the Dow futures contract added 41 points or 0.1%, the S&P 500 contract lost 9 points or 0.2%, and Nasdaq 100 futures dipped by 87 points or 0.6%.
Monthly data from the Institute for Supply Management (ISM) on Wednesday showed that activity in the U.S. services industry — which makes up more than two-thirds of the American economy — unexpectedly accelerated in August, hitting a six-month high. Input costs paid by these businesses also rose.
The numbers suggested that consumer demand is shrugging off a recent spike in interest rates — a resilience that analysts at ING posited could be linked to a summer of popular concerts and movies. After the release of the figures, yields in both two- and ten-year U.S. government bonds climbed, while all three of the major indices on Wall Street declined.
2. Fed survey points to modest economic growth
The services data fueled some bets that the Federal Reserve may choose to hike interest rates later this year to stamp out the stubborn final embers
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