Futures are up a bit

US stock futures are a little higher ahead of the opening bell on Thursday after the Bank of England’s decision to cut interest rates.

At 8:22 a.m. ET, Dow futures are up 39 points, S&P 500 futures are up 3 points, and Nasdaq futures are up 1 point — all by less than 0.2%.

The indexes have traded and closed little changed for most of this week. The Dow closed green for the first time in eight sessions on Wednesday, breaking a losing streak that was preceded by successive climbs to new highs.

The Bank of England cut interest rates for the first time in seven years from 0.5% to 0.25% — the lowest level ever. It also launched a big new monetary easing programme, including the extension of its asset purchase facility from £375 billion to £435 billion.

The bank had held rates unchanged in its first meeting after the UK’s vote to leave the European Union, but Thursday’s cut was widely expected.

Amid concerns of a recession, the bank lowered rates to stimulate economic growth and inflation by encouraging people to borrow and spend.

The pound fell by as much as 1.19% to 1.3167 per dollar after the rate cut. And, the yield on the UK’s 10-year gilt dropped as many as 11 basis points to a record low of 0.646%.

US treasury yields also fell as bond prices rose. The 10-year yield is down 2 basis points to 1.518%.
In earnings, Chesapeake reported a sixth straight quarterly loss which narrowed from a year earlier, and raised its production guidance for the year.

SeaWorld said second-quarter attendance fell by nearly 500,000 guests due to a decline at its Florida parks and a shift in the timing of holidays this year.

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