US pre-open: Dow futures higher as traders return from Thanksgiving Day break

(Sharecast News) - Wall Street futures were pointing to a mixed session ahead of the bell on Friday as traders returned from their Thanksgiving Day break. As of 1210 GMT, Dow Jones futures were up 0.25% and S&P 500 futures were 0.09% firmer, while Nasdaq-100 futures had the index opening 0.06% weaker.

The Dow closed 184.74 points higher on Wednesday after US Treasury yields hit their lowest level since late September.

The yield on the benchmark 10-year Treasury note briefly fell to 4.369% on Wednesday, but later recovered and was last seen hovering at 4.474% prior to the bell on Friday. The drop marked a significant moment for the 10-year yield after having crossed the 5% mark in October for the first time in 16 years. The two-year note was changing hands at 4.942%, up roughly four basis points on its closing price on Wednesday.

Elsewhere, energy was still firmly in focus ahead of the bell after the sector lost 0.1% on Wednesday on the back of an OPEC announcement that it had delayed a meeting on production cuts, originally scheduled for the weekend. West Texas Intermediate was down 0.51% at $75.71 a barrel, while Brent crude was 0.25% weaker at $81.62 a barrel.

Scope Markets' Joshua Mahony said: "US markets return from their Thanksgiving break today, with retailers hoping that the spirit of giving translates into a strong Black Friday and Cyber Monday spending spree. Earnings from the likes of Walmart and Best Buy have noted a weakening demand environment, signalling the potential for a disappointing fourth quarter on the high street. Nonetheless, with spending habits having remained strong throughout this year, there is a good chance that we see consumers take advantage of sales where possible in a bid to maintain their standard of living.

"Looking ahead, US PMI data dominates as we close out the week. Yesterday's rebound in both eurozone and UK composite PMI surveys eased fears of a deepening economic crisis under the weight of elevated interest rates. However, that is a double-edged sword, as any near-term economic weakness does help drag inflation expectations lower. With US manufacturing and services PMI figures teetering on the brink of contraction, markets predictions for a potential decline across both metrics bring expectations of a soft landing as designed by the Fed."

On the macro front, a preliminary reading of Standard & Poor's November manufacturing and services PMIs will be published at 1445 GMT.

No major corporate earnings were slated for release on Friday's holiday-shortened session.

Reporting by Iain Gilbert at Sharecast.com