Stock Futures Rise as Jobless Claims Fall and Yields Increase

The major market averages traded mixed on Thursday as investors focused on the path of interest rates. The Nasdaq Composite fell slightly, while the S&P 500 gained and the Dow moved higher. Yields rose after the revised Q1 GDP data, with the 10-year Treasury yield increasing by 14 basis points. Fed chief Jay Powell's comments increased the chances of further tightening from the Fed, leading to higher expectations of a July rate hike. Jobless claims came in lower than expected, while the final measure of Q1 GDP exceeded forecasts. Micron stock was lower after reporting a smaller-than-expected loss.