U.S. Stock Futures Steady With Focus on Debate: Markets Wrap

(Bloomberg) -- U.S. equity futures were steady and benchmark Treasury yields remained near their highest since June as traders focused on the final presidential debate and lawmakers in Washington continued to haggle over a spending bill. Asian stocks were mixed.S&P 500 contracts were little changed after the benchmark closed higher with financial stocks rallying almost 2%. The 10-year Treasury yield steadied around 0.86% amid data showing the labor market is still gradually recovering. The dollar was little changed. Japanese, South Korean and Australian shares edged lower, while Hong Kong and China stocks fluctuated. Intel Corp. tumbled in after-hours trading after a tepid forecast.President Donald Trump and former Vice President Joe Biden are taking part in the final presidential debate before the U.S. election. Follow our real-time coverage here.Investors remained finely tuned into developments in Washington, where lawmakers continue to work toward a package to bolster the economy. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely.“The big move in the bond market has been going on for the past few days and it’s mostly because the bond market is expecting that one way or another there will be a stimulus package, if not before the election then after the election” Ed Yardeni, president and chief investment strategist at Yardeni Research, said on Bloomberg TV.Elsewhere, there is increasing evidence that the pandemic is worsening. German infections have jumped to a record and Spain’s heath minister said the spread of coronavirus is out of control in certain parts of the country. U.S. hospitalizations for Covid-19 have reached a two-month high.These are some of the main market moves:StocksS&P 500 Index futures were flat as of 10:25 a.m. in Tokyo. The gauge rose 0.5% on Thursday.Japan’s Topix index slid 0.2%.Hong Kong’s Hang Seng was little changed.Shanghai Composite dipped 0.1%.South Korea’s Kospi dipped 0.3%.Australia’s S&P/ASX 200 Index retreated 0.4%.Euro Stoxx 50 futures added 0.1%.CurrenciesThe Bloomberg Dollar Spot Index was steady after rising 0.2%.The euro bought $1.1802, down 0.1%.The yen was at 104.76 per dollar, up 0.1%.The offshore yuan traded at 6.6714 per dollar.BondsThe yield on 10-year Treasuries remained at 0.86%.Australia’s 10-year yield rose five basis points to 0.86%.CommoditiesWest Texas Intermediate crude was at $40.65 a barrel, little changed.Gold was at $1,903.65 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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