S&P 500 futures stall as rising oil prices help keep Treasury yields near 16-year highs

U.S. stock futures were struggling to make headway early Thursday after oil hit a 13-month high, underpinning bond yields.

How are stock-index futures trading On Wednesday, the Dow Jones Industrial Average DJIA fell 69 points, or 0.2%, to 33550, the S&P 500 SPX increased 1 points, or 0.02%, to 4275, and the Nasdaq Composite COMP gained 29 points, or 0.22%, to 13093.

Early action Thursday saw the 10-year Treasury yield BX:TMUBMUSD10Y little changed around 4.61%, helping S&P 500 futures to nudge just a tad lower.. The WTI U.S. crude benchmark CL.1, -0.13% touched $95 a barrel overnight, its most expensive in 13 months, as Russia and Saudi Arabia trim production and U.S. inventories have fallen to low levels.

“At the very least, it will mitigate the disinflationary trend and likely prolong a period of elevated interest rates. In this environment, central banks will face a challenging task in balancing the objectives of promoting economic growth and managing inflation,” he added.

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