From TheStreet’s “Dow Futures Higher on Blowout China GDP Data; Treasury Yields in Focus” posted early Friday:
U.S. equity futures edged modestly higher Friday, following the first-ever close over 34,000 for the Dow, as investors continue to digest a steady stream of positive corporate and economic data while tracking a puzzling pullback in Treasury yields.
First quarter GDP data from Chinas was added to the mix Friday, with the world’s second-largest economy roaring back to life with a record 18.3% expansion over the first three months of the year.
Coupled with better-than-expected readings for March retail sales and factory output, the figures put China firmly on pace to match its 2021 growth estimates while powering the region’s broader post-pandemic recovery.
China’s impressive first quarter performance followed a much stronger-than-expected reading for U.S. retail sales last month, rapidly-improving jobless claims figures and manageable levels of consumer price inflation.
The latter, in fact, could be the trigger for a sharp pullback in Treasury bond yields, as a rally in prices yesterday that extended into overnight trading pulled 10-year notes to a five-week low of 1.528%.
My take: Wouldn’t be surprised if Apple turned green before the markets open.
UPDATE: Sure enough.