Overnight Developments
Nasdaq futures slide as the bond sell-off carries into Thursday — Yahoo Finance
No new shock hit overnight. Instead, Wednesday’s rates scare kept going. The blowout flash PMI (composite 58.4) pushed the 10-year Treasury yield to 5.114% at Wednesday’s close, the highest since 2007, and lifted October rate-hike odds above 70%. Overnight, the dollar rose to a two-month high, and gold fell another ~0.6% on the same rate-hike bets. Nasdaq futures sold off steadily from midnight to about 04:00 ET, and none of the drop came on a single discontinuous jump. They now sit 0.85% below Wednesday’s close, while Dow futures are down only 0.2%. That split is the duration trade again: long-duration tech is getting hit hardest.
Crude added fuel. November WTI jumped to $94.36 around 04:00 ET before easing back to ~$92.90 (+0.8% on the day). November Brent, which expires on 9/30, is at ~$104.35 (+0.7%). Bitcoin is down ~2.8% to ~$83.5K, and VIX futures are up 6% to 16.1.
Affected sectors: Tech/Growth (rate-sensitive), Small Caps, Real Estate, Crypto-linked equities.
Bessent: US and China extend trade truce to Jan. 10 as Xi lands in Washington — Yahoo Finance / Fox News
After meeting Vice Premier He Lifeng, Treasury Secretary Scott Bessent said the “Busan Agreement” trade détente will be extended two months. It was due to lapse on Nov. 10 and now runs to Jan. 10. That takes a tariff cliff off the table before today’s Trump–Xi summit. The remaining agenda is AI competition, the Iran war, and critical minerals, and several top US tech CEOs are joining the leaders for dinner tonight. The extension didn’t lift Chinese stocks: Shanghai fell 1.2%.
Affected sectors: Semiconductors, Rare Earths/Materials, Big Tech with China exposure.
Futures & Pre-Market
Changes are measured against Wednesday’s close. The continuous futures match the December contracts exactly (ESZ26/NQZ26/YMZ26), so no contract roll is distorting these numbers.
| Index | Futures | Change |
|---|---|---|
| S&P 500 | 7,734.25 | -0.49% |
| NASDAQ | 30,504.00 | -0.85% |
| DOW | 51,757 | -0.22% |
Pre-market ETF trading agrees: SPY -0.5%, QQQ -0.9%, DIA -0.4%.
Watchlist Movers
No watchlist name is moving more than 3% pre-market. The largest moves, all on thin pre-market volume:
- INTC -2.7%. No company-specific news dated today; it’s moving with the rest of tech.
- META -2.0%. At Connect on Wednesday evening, Meta unveiled $1,299 VR glasses and laid out plans to monetize its Muse AI agent through a small transaction fee (retail integrations include Walmart, Best Buy, and Instacart). Investors are selling the news for now.
- SMCI -1.9%, TSM -1.1%, NVDA -0.9%. AI hardware is lower with the Nasdaq.
- SMR -1.6%, NNE -1.5%, OKLO -0.7%. These long-duration nuclear names are extending Wednesday’s losses as yields rise.
- MSTR -1.5%, tracking bitcoin lower.
- COST +0.2% ahead of its earnings report after today’s close.
International Markets
Asia was mixed. Tokyo reopened after its three-day holiday stretch, and the Nikkei finished ~0.8% above last Friday’s close. China was weak despite the truce extension: Shanghai -1.2%, Hang Seng -0.3%. Europe is barely moving, with the FTSE +0.1% and the DAX -0.2%.
What to Watch at Open
Nasdaq futures are down nearly 1%, driven by Wednesday’s move to a 5.1% 10-year yield, so this morning’s jobless claims (prior 196K) will set the tone for rates at the open. After that, focus shifts to the Trump–Xi summit and Costco’s earnings after the close.
This alert is for informational purposes only and does not constitute financial advice.