U.S. stock futures muted as bond yields resume uptrend ahead of Walmart's earnings

U.S. stock index futures struggled for direction on Thursday as government bond yields rebounded after a respite earlier in the week, while markets awaited retail giant Walmart's earnings. Yields on the 30-year Treasury bond US30YT=RR inched up 2.3 basis points to 5.217% after declining for two straight sessions. The one on the benchmark 10-year bond US10YT=RR also edged higher and was last at 4.67%. Government bond yields retreated sharply in the previous session after the U.S. Treasury announced support measures for long-duration bonds, which had offered some respite to global risk appetite. In the stock market, the focus is on Walmart's WMT.O quarterly earnings, due before the bell, which could offer fresh insight into the health of the U.S. consumer. Its shares were marginally higher in premarket trading. At 05:52 a.m. ET, Dow E-minis YMcv1 fell 89 points, or 0.17%, S&P 500 E-minis EScv1 lost 5.25 points, or 0.07%, and Nasdaq 100 E-minis NQcv1 rose 12.5 points, or 0.04%. Megacap and growth stocks were mixed, with Apple AAPL.O and Alphabet GOOGL.O inching 0.2% lower, while Nvidia NVDA.O and Meta META.O ticked up slightly. Concerns over increasing government debt and elevated oil prices stemming from the Iran conflict hit global markets earlier this week, with the bond market especially taking a beating, sending the 30-year Treasury yield to a near two-decade high. Against this backdrop, the Treasury Department said on Wednesday that total U.S. debt has topped $40 trillion for the first time. Oil prices LCOc1 rose 2.4%, extending gains for the fifth consecutive session as stalled U.S.-Iran peace talks and Middle East supply disruptions continued to fan inflation fears. Shares of energy giants Chevron CVX.N and ExxonMobil XOM.N were up about 1%. The recent macro developments have knocked the S&P 500 .SPX and the Dow .DJI down from record highs clocked earlier this month. The run-up came on the back of a strong earnings season, with numbers from companies in several sectors, including some AI hyperscalers, painting a strong picture of corporate America. Investors will look for a reading of weekly jobless claims data later in the day, along with comments from St. Louis Fed President Alberto Musalem. Minutes from the U.S. Federal Reserve's July meeting, released on Wednesday, had shown concern about inflation deepening at the central bank, with "several" policymakers ready to raise interest rates and "many" saying a hike in borrowing costs will be needed if inflation does not decline to the central bank's 2% target. In early movers, Coty COTY.N fell 7.6% after the CoverGirl owner forecast current-quarter earnings below expectations and withheld its annual outlook. Shares of cryptocurrency-related companies rallied a day after U.S. President Donald Trump called on Congress to pass a crypto bill. Bitcoin hoarder Strategy MSTR.O added 10.5% and exchange operator Coinbase Global COIN.O rose 7.5%, making them among the best performing stocks early on. Biotech company Moderna MRNA.O dipped 11.4% a day after surging nearly 177%.

U.S. stock futures muted as bond yields resume uptrend ahead of Walmart's earnings

Futures and yields edge higher

Walmart and major stocks in focus

Macro backdrop and earnings-driven movers

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