This content was published on
August 20, 2026 - 09:34
3 minutes
(Bloomberg) — A rebound in long-dated Treasuries ran out of steam while US stock futures struggled for direction as investors waited for fresh catalysts to give markets direction.S&P 500 futures were flat, while Nasdaq 100 contracts headed for their first daily gain in five sessions. Treasuries were little changed across the curve, holding gains that were sparked by US Treasury Secretary Scott Bessent’s push to rein in long-term borrowing costs. The dollar barely budged after hitting a three-month low on Wednesday. Gold dipped below $4,500 an ounce. Brent rose.In Europe, the Stoxx 600 nudged lower to extend its longest losing streak this year. Government bonds edged higher, with the biggest moves concentrated at the shorter end of the curve. The euro was little changed, while the Swiss franc was the weakest performer among major currencies.Traders are taking stock after Bessent announced a surprise increase in long-term bond buybacks to stem a rise in yields that had taken them to a near two-decade high. Elevated yields have kept equity prices in check, with the S&P 500 still down since Monday after hitting a record high last week.The Treasury’s “announcement implies that we should not see a massive selloff at the long end, though we do not see it causing a significant rally further,” noted Mohit Kumar at Jefferies. “We still see the front end as offering better value, as our view remains that the Fed is unlikely to hike rates this year.”What Bloomberg’s Strategists Say…“After a month of breaking precedents for proactive intervention by the Treasury, it’s ironic that perhaps the most sustained long-term markets impact will be what Scott Bessent explicitly avoided doing in July: dollar selling.”– Mark Cudmore, Markets Live Executive Editor. For more, read here.Some of the main moves in markets:StocksThe Stoxx Europe 600 fell 0.1% as of 8:30 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 1.8% The MSCI Emerging Markets Index rose 2% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1681 The Japanese yen fell 0.2% to 158.53 per dollar The offshore yuan was little changed at 6.7247 per dollar The British pound was little changed at $1.3614 CryptocurrenciesBitcoin rose 0.8% to $69,572.74 Ether rose 1.4% to $2,248 BondsThe yield on 10-year Treasuries was little changed at 4.65% Germany’s 10-year yield was little changed at 3.26% Britain’s 10-year yield was little changed at 5.05% CommoditiesBrent crude rose 1.7% to $93.18 a barrel Spot gold fell 0.7% to $4,484.01 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling.©2026 Bloomberg L.P.
