Dow Jones, S&P 500, Nasdaq futures indicate gap-down open as Treasury yields hit 19-year high; check stocks to watch

US equity market futures indicate a gap-down open on Thursday, September 24, as investors focused on the Treasury yields touching a 19-year high amid surging crude oil prices, selling pressure from Asia and elevated geopolitical tensions in West Asia.

Dow Jones futures were trading 0.36% lower at 51,693 points ahead of the opening bell on Thursday’s market, indicating a potentially negative open during the trading session on September 24.

The S&P 500 index futures were down 0.50% at 7,733 points ahead of the opening bell, indicating a gap-down open, as per the exchange data.

While the Nasdaq 100 index futures tumbled down 1.03% at 30,448 points ahead of the Wall Street open indicating negative performance potential amid the massive selloff pressure from the Asian markets.

Key things to watch before US market open

US stocks to watch on Sept. 24

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Treasury yield hits fresh high

The benchmark US 10-year Treasury yield surged to hit a fresh 19-year high of 5.14%, marking its highest level since July 2007, due to oil prices moving higher amid elevated tensions and heightened demand for safe-haven assets.

As of 7:44 am (ET), the US 10-year Treasury yields were trading at 5.13%, while the 30-year Treasury yield hit its highest level since 2004.

Jobless claims data in focus

Equity market investors are expected to focus on the weekly jobless claims data release which is scheduled to be published by US Department of Labor at 8:30 am (ET) on Thursday, September 24.

The US Census Bureau will also release the New Home Sales data at 10 am (ET) during the market session on Thursday.

Asian markets today

The Asian market indices ended on a mixed note as investors focused on the tech sector momentum cues clashing with the overall selloff sentiment amid the surging crude oil prices and elevated treasury yields.

Benchmark indices like the Hong Kong’s Hang Seng ended 0.29% lower, China’s Shanghai Composite closed 1.22% lower, India’s SENSEX ended 1.67% lower, and Singapore’s FTSE closed 0.46% lower after Thursday’s market session.

While in contrast, Japan’s Nikkei 225 ended 0.76% higher, and South Korea’s KOSPI ended 0.90% higher after the trading session on September 24.

Crude oil jumps over 3%

Global crude oil prices surged 3% to hit an intraday high of $106.39 per barrel (bbl) during the trading session on Thursday, September 24, as commodity market investors focused on reports of Iran threatening to extent the war to the Indian Ocean if the United States carried out another attack against the West Asia country.

Investing.com data showed that the benchmark Brent crude oil prices have gained nearly 16% in the past one-month, and were up 42% in the last three months.

Although elevated, global energy prices remained volatile, with Brent crude trading at around $104 per bbl as of Thursday evening India time, as latest media reports emerged of Iran reportedly reviewing the US response to the peace proposals and terms to reopen the Strait of Hormuz.

How did US markets end on Wednesday?

US equity market indices declined to end lower after the trading session on Wednesday, September 23, as investors focused on the rebounding crude oil prices and elevated US Treasury yields amid strong-than-expected Flash PMI data.

MarketWatch data showed that the Dow Jones Industrial Average ended 0.68% lower at 51,511.59 points after Friday’s market session, in comparison to 51,863.69 points at the previous equity market close.

The S&P 500 index closed 0.75% lower at 7,706.03 points after the trading session on September 23, in comparison to 7,764.64 points at the previous Wall Street close, as per the exchange data.

The tech-heavy index, Nasdaq 100 ended 0.85% lower at 30,470.29 points after Friday’s session, compared to 30,732.40 points at the previous US equity market close.