Stocks May Open Lower Following Recent Bond Sell-Off

(RTTNews) - Stocks are likely to move to the downside in early trading on Thursday, giving back ground after ending the previous session mostly higher. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 79 points.

The downward momentum on Wall Street has partly been attributed to the recent sell-off by bonds, which fell sharply in the first three sessions this week.

The sharp pullback by bonds has led to a subsequent jump in yields, with the ten-year yield soaring to its highest closing level since November of 2014 on Wednesday.

The ten-year yield is currently retreating from yesterday's highs, but the recent jump may still weigh on stocks in early trading.

Nonetheless, overall trading activity may be somewhat subdued as traders look ahead to tomorrow's closely watched monthly jobs report.

The report is expected to show an increase of about 220,000 jobs in May, while the unemployment rate is expected to hold at 5.4 percent.

Meanwhile, the Labor Department recently released a report showing a modest decrease in initial jobless claims in the week ended May 30th.