U.S. stock futures were little changed early Thursday, after the S&P 500 retreated from its record as yields spiked to multidecade highs.
Dow Jones Industrial Average futures added 48 points, or 0.09%. S&P 500 futures inched up 0.05%, and Nasdaq-100 futures slipped 0.07%.
Levi Strauss shares dipped almost 2% in extended trading after the denim retailer lowered its revenue growth guidance for the full year, though it also raised its profit outlook.
Wall Street is coming off a losing session. The S&P 500 dipped 0.2%, pulling back from an all-time high it reached just one day prior. The Dow fell more than 340 points, or 0.7%. The Nasdaq Composite slid 0.2%.
Stocks slid as Treasury yields breached fresh highs. The 10-year yield hit 5.365%, its highest level going back to April 2002. The 30-year yield climbed to 5.732%, going back to May 2002.
In Asia, Japan's Nikkei 225 was down 1.12% while South Korea's Kospi lost 2.04%. Australia's S&P/ASX 200 was 0.64% lower. Mainland China's CSI 300 declined 0.43%, while Hong Kong's Hang Seng Index dropped 0.69%.
Higher yields have curbed investor appetite for equities in recent weeks, especially those parts of the market most hurt by higher borrowing costs. Industrials, for example, is the worst performing sector week to date.
Many investors are maintaining an optimistic view of the stock market, however. They expect that the start of earnings season could give the market the fuel it needs for the next leg higher.
In the third quarter, the S&P 500 is expected post a blended earnings growth rate of roughly 30%, which would be a third straight quarter of above-25% earnings growth, according to FactSet.
"If earnings remain strong, and the idea is that they probably will, if expectations are met and/or higher, that is going to sustain this rally — despite the fact that rates are higher," Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC's "Closing Bell." "It's not going to derail the market."
On Thursday, investors will await results from PepsiCo before the open. Traders will also watch for weekly jobless claims data.
8 Min AgoHSBC shares fall nearly 4% as lender reportedly plans large-scale job cuts in U.K wealth business
HSBC's Hong Kong-listed shares fell 3.9% Thursday, following a report that the lender is planning job cuts in its U.K. wealth management business
The sweeping job cuts will include sharp reduction in specialist staff and financial advisors, as part of the bank's effort to expand AI integration, according to the Financial Times.
HSBC is in a "consultation period" over the proposed changes, the FT reported, adding that the affected employees are likely to exit the bank at the end of the month.
—Justina Lee
2 Hours AgoOil gains as Middle East hostilities stoke supply worries
Oil rose Thursday as Middle East worries keep markets on edge, with the U.S. reportedly considering large-scale U.S. military operations in Iran in the coming weeks.
Futures for international benchmark Brent crude for December delivery gained 1.36% at $101.54 a barrel. U.S. West Texas Intermediate futures for November advanced 1.04% at $89.32 per barrel.
President Donald Trump and his national security team have talked about possibly restarting large-scale U.S. military operations in Iran in the coming weeks, NBC News reported, citing sources. That also includes the option of strikes prior to next month's midterm elections.
Meanwhile, tensions in the Middle East have been rising with Iran-backed Houthis recently targeting airports in Saudi Arabia, while Tehran has also been attacking tankers in the Hormuz Strait.
—Justina Lee
4 Hours AgoJapan's Nikkei 225, South Korea's Kospi fall as Asia markets open in the red
Asian stocks fell on Thursday. Japan's Nikkei 225 was down 0.4% while the broader Topix declined 0.8%.
South Korea's Kospi was down 0.35% and the small-cap Kosdaq lost 0.9%.
Australia's S&P/ASX 200 lost 0.4%.
— Lee Ying Shan
4 Hours AgoAsia markets poised to drop as hawkish Fed minutes signal more tightening ahead
Asian stocks were poised to open lower Thursday, tracking losses on Wall Street as U.S. Treasury yields remain elevated and Federal Reserve minutes signaled another interest rate hike could be on the horizon.
Japan's Nikkei 225 was set to fall at open, with its Chicago and Osaka futures contracts last at 69,965 and 69,790 respectively, compared with the index's previous close of 70,035.71.
Futures for Hong Kong's Hang Seng index stood at 23,962 lower than its last close of 24,130.5.
Minutes from the Fed's latest meeting, released Wednesday, showed most policymakers believed another interest rate increase would likely be appropriate before the end of the year, as inflation remained stubbornly above the central bank's 2% target.
The minutes, however, offered no indication of when the next hike might come, with officials emphasizing that future decisions would depend on incoming economic data.
— Lee Ying Shan
5 Hours AgoThe Federal Reserve could still leave rates unchanged for the remainder of the year, strategist says
Although the Federal Reserve's latest meeting minutes signal another interest rate hike by the end of the year, there's still a chance the central bank won't raise at all, Ameriprise's Anthony Saglimbene told CNBC.
"Higher interest rates may be doing some of the Fed's work, where they don't necessarily need to raise interest rates," the chief market strategist said. "That might allow them to kind of just staying pat for the rest of the year."
However, he added, "There's a lot of ifs in that statement, and I think it comes down to where interest rates settle out here over the next few weeks, because the market is already concerned that that's going to start slowing growth."
— Sean Conlon
6 Hours AgoLevi Strauss shares dip after earnings
The Levi's logo is displayed on the exterior of a Levi's store on Oct. 7, 2026 in Los Angeles, California. Justin Sullivan | Getty ImagesLevi Strauss shares dipped 2% in extended trading Wednesday night, after the denim retailer lowered its net revenue growth guidance for the full year — though it also increased its profit outlook.
The company lowered its net revenue growth guidance for the full year to 7%, the bottom of its previously provided range of a 7% to 7.5% increase.
It also raised its adjusted earnings per share expectation for the full fiscal year to between $1.54 and $1.56, from a previous range of $1.46 to $1.52. Analysts polled by LSEG were expecting a range of between $1.52 and $1.59.
Levi Strauss, 1-day— Sarah Min, Laya Neelakandan
6 Hours AgoStock futures open little changed
Stock futures opened little changed Wednesday night.
Dow Jones Industrial Average futures fell 8 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures were both marginally higher.
— Sarah Min
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