US Equities Head for Eighth Straight Weekly Gain Despite Bond Market Turbulence

CNBC reported Thursday that overnight futures pointed modestly upward, leaving Wall Street on course to close out a winning week despite a turbulent stretch driven by surging long-term borrowing costs.

Futures on the S&P 500 gained 0.1% and Nasdaq 100 contracts added 0.2% in overnight trading. Dow Jones futures climbed roughly 62 points. The moves came after a Thursday session that lifted the Dow to a fresh record close.

A Seventh Week of Resilience Becomes Eight

The S&P 500 weekly gain streak now stretches to eight consecutive weeks, with the index up around 0.5% for the week. The Dow posted a 1.5% weekly advance and was on track for its third positive week in four. The Nasdaq Composite added roughly 0.3%, building toward its seventh weekly rise in the past eight periods.

All major indices closed above their 50-day and 200-day moving averages on Thursday, and every sector finished less than 10% below its 52-week high, according to CNBC’s data summary.

Treasury Yields and Oil Prices Drive the Volatility

The week’s turbulence centered on bond markets. The 30-year Treasury yield climbed above 5.19% earlier in the week, touching its highest level since before the 2008 financial crisis, before retreating to around 5.09% by Thursday. Rising long-term yields typically pressure equity valuations by making future earnings less attractive to investors.

Oil prices offered a counterweight. West Texas Intermediate crude settled nearly 2% lower at $96.35 a barrel, while Brent crude fell more than 2% to close at $102.58. Traders grew more optimistic over a possible resolution to tensions in the Middle East, though Vital Knowledge founder Adam Crisafulli cautioned in a client note that any Iran deal is likely already reflected in prices and warned of stagflationary effects over coming quarters.

Fed Leadership Transition Adds Another Layer

A significant institutional change looms for Friday. President Donald Trump is expected to swear in Kevin Warsh as the next Federal Reserve chair, replacing Jerome Powell in a ceremony scheduled for the day. The handover adds a layer of policy uncertainty to markets already managing elevated yields and geopolitical risk.

After-Hours Movers Give Bulls Extra Fuel

Several earnings reports brightened the mood after Thursday’s close. Workday shares surged as much as 11% in extended trading after the enterprise software firm beat expectations and lifted its full-year margin guidance. Ross Stores jumped nearly 7% on a stronger-than-expected quarter and raised its comparable-sales and full-year earnings outlook. Zoom rose 7% on solid results, and Take-Two Interactive gained 7% after confirming Grand Theft Auto VI remains on track for a November release.

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