Futures are rallying Thursday morning.
Near 7:46 a.m. ET, Dow futures were up 53, S&P 500 futures were up 6 points, and Nasdaq futures gained 17 points.
On Wednesday, we saw quite the rebound in stocks. The major indexes closed relatively flat, even though the S&P 500 went red for the year during the session, and the Dow lost more than 270 points — its worst one-day drop in five weeks.
China devalued the yuan for a third straight day, fixing the yuan at 6.4010 against the dollar. The yuan fell yet again. This time though, the People’s Bank of China said it will allow traders to play a bigger role in setting the currency’s level based on the previous day’s closing price, instead of exclusively determining the rate.
Many analysts say the move is a bid to stimulate the slowing economy and make exports more competitive.
Treasuries are weaker, and the yield on the benchmark 10-year note climbed to as high as 2.18%.
Gold is lower after reaching a three-week high on Wednesday. The metal fell to as low as $US1,107.80 an ounce.
The data flow picks up today in what’s been a relatively quiet week. Initial jobless claims, retail sales, and import and export prices are due at 8:30 a.m. ET.
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