U.S. Futures Slip; Crude Oil Pares Thursday Surge: Markets Wrap

(Bloomberg) -- Asian stocks looked set for a mixed session as U.S. futures retreated. Crude oil pared a surge seen Thursday after President Donald Trump said Russia and Saudi Arabia would cut production.Australian shares traded higher with futures indicating gains in Japan and losses in Hong Kong. The S&P 500 closed up 2.3% with energy shares the best performers, while consumer discretionary stocks lagged after jobless claims doubled from last week to 6.6 million. Treasuries retreated Thursday amid a slew of corporate supply. West Texas crude slipped back below $25 a barrel after surging 22% on Thursday -- an advance that pared as officials from both sides watered down expectations. The yen and euro slipped.With the coronavirus now having infected 1 million people and lockdowns for many economies around the world expected to go on for longer, economic data are showing the severity of the impact. Nearly 10 million people in the U.S. have lost their jobs in the past two weeks, more than were lost during the whole 2008-09 recession.“We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths,” Stephen Dover, head of equities at Franklin Templeton, said on Bloomberg TV. “We are going to continue to have very wide volatility until we can get over this uncertainty.”These are the main moves in markets:StocksFutures on the S&P 500 fell 0.5% as of 8:49 a.m. in Tokyo. The gauge rose 2.3% on Thursday.Futures on Japan’s Nikkei 225 advanced 0.3%.Hang Seng futures earlier slid 0.7%.Australia’s S&P/ASX 200 Index rose 1.2%.CurrenciesThe yen fell 0.1% to 107.98 per dollar.The offshore yuan held at 7.0932 per dollar.The euro fell 0.1% to $1.0844.BondsThe yield on 10-year Treasuries rose two basis points to 0.60% Thursday.Australia’s 10-year yield gained four basis points to 0.81%.CommoditiesWest Texas crude fell 2.3% to $24.73 a barrel after surging 22% Thursday.Gold was flat at $1,612 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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