FX.co ★ US Futures Decline

US equity futures edged lower on Thursday, trimming the modest gains from the previous session that followed the Treasury’s move to suppress longer-dated yields. Futures on the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 slipped as much as 0.5%.

Treasury yields rose across the curve amid concern that the Treasury’s support for notes and bonds could aggravate an already inflationary backdrop by sustaining abundant dollar liquidity. Borrowing costs also climbed alongside higher fuel and gas prices after President Trump said the US had entered an “economic war” with Iran, signaling a prolonged blockade of tankers transiting the Persian Gulf.

Banks extended their losses as short-term Treasuries declined further. In addition, major AI hyperscalers traded mostly lower in premarket action following lackluster financial results from OpenAI, which failed to match the growth pace of rival Anthropic. Meanwhile, Walmart dropped more than 6% after its second‑quarter sales missed analyst expectations.