Nasdaq, S&P, Dow futures trade mixed as attention turns to global rates

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Stock index futures are hesitant Thursday as Wall Street waits on word from the European Central Bank.

Nasdaq 100 futures (NDX:IND) +0.2% are up and S&P futures (SPX) -0.1% and Dow futures (INDU) -0.2% are lower.

It’s not often that a ECB decision dominates premarket, but it hasn’t hiked in more than 10 years. The consensus is for 25 basis points.

“4032 days is a long time between rate hikes so of course the ECB’s move today is important!” Societe Generale’s Kit Juckes wrote. “The Fed has hiked rates 12 times since the last time the ECB did, the Bank of England has raised rates 7 times and only the Bank of Japan has not raised rates at all.”

“But (and there has to be a but) the market has plenty priced in, the return of Nordstream 1 at 40% of capacity (where it was pre-maintenance) and ongoing Italian political woes all argue against getting over-excited about the symbolism.”

U.S. rates are treading water. The 10-year Treasury yield is up 1 basis point to 3.05% and the 2-year yield is down 2 basis points to 3.23%.

Shortly after the ECB decision, weekly initial jobless claims arrive, expected to tick down to 240K.

At the same time the July Philly Fed Index is forecast to rise slightly to -2.5 and the prices paid component will be closely watched.

Earnings continue to roll in as well.

Tesla is up slightly premarket after a bottom-line beat, but margin concerns are tempering enthusiasm.