Futures traded lower as new market records continued almost daily, while AI and data-center strength lifted stocks on Wednesday. All four major indices reached or closed at record levels, with the Dow leading higher and posting both a new record high and an intraday record. The S&P 500 closed slightly higher at a record closing level, and the Nasdaq also finished at another record high. The Russell 2000 hit an intraday all-time high but ended slightly lower. Treasury yields fell across the curve as investors bought government debt after recent yield spikes. Oil benchmarks finished mixed, with Brent down sharply and WTI higher, while natural gas closed flat. Gold was pressured early in the session.
"Futures are trading lower on Thursday as new records are set almost daily, with the AI/Data center trade continuing to push stocks higher on Wednesday. All four major indices hit or closed Wednesday's session at record highs, with the legacy Dow Jones Industrial Average leading the way, up 0.36% at 50,664, setting a new record high and posting an intraday record. The S&P 500 just barely closed higher, up 0.02% at 7,520, which was also a record closing print, and the Nasdaq was last seen at 26,674, up just 0.07%, for another new record high."
"The small-cap-loaded Russell 2000, which is still the leading index for 2026, up almost 18%, capped off another stunning day by hitting an intraday all-time high, but ultimately finished fractionally lower at 2,919, down 0.02%. The song remains the same, as the reasons for the seemingly never-ending rally and new highs should sound familiar: hope for a peace deal with Iran, falling oil prices, solid and even record-breaking earnings, and falling interest rates all helped supply the momentum."
"Yields were down across the Treasury curve as buyers continue to grab government debt after yields exploded higher over the previous two weeks. The 30-year-long bond closed Wednesday at 5.01%, after trading at 5.19% less than 10 days ago, while the benchmark 10-year note closed at 4.48% after hitting a 4.70% handle on May 20th. With a potential rate hike on the horizon due to rising inflationary pressures, we could see yields spike again in the near future."
"In a reversal of what we saw a few days ago, the major oil benchmarks ended the day mixed. Brent Crude, which is the international benchmark, is highly sensitive to overseas geopolitical tensions and seaborne supply risks. When the market closed, it ended the day at $94.29, down 5.31%, while West Texas Intermediate was last seen at $89.45, up 0.87%. Natural gas, which has been on a tear, closed flat at $3.09."
Read at 24/7 Wall St.
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