U.S. futures fell and stocks were mixed Thursday as investors weighed the prospect of reduced stimulus against signs of economic progress. Treasuries rose and oil reversed gains.
Contracts on key U.S. benchmarks declined, signaling a fourth day of losses for the S&P 500 Index. Cisco Systems Inc. fell after its profit forecast missed estimates. European equities pared gains to trade modestly higher, boosted by technology and other defensive sectors, while Asian shares were little changed.
Oil reversed an earlier gain to extend a three-week low as investors focused on the prospect of a boost in Iranian supply. Yields on 10-year Treasuries fell as the dollar weakened. Cryptocurrencies stabilized after a volatile session that saw Bitcoin plunge and rally about 30% in the same day.
Investor worry that faster inflation will prompt authorities to ease back on stimulus has weighed on risk assets in recent sessions. Stocks have been volatile since a record reached in early May, and commodities have dropped from multi-year highs. Minutes from the Federal Reserve’s last meeting showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly.
