Bonds & Stocks
US stock futures climbed as rising expectations for interest-rate cuts helped carry traders’ newfound optimism into the Thanksgiving break. The S&P 500 was set to extend a three-day, 3.5% advance marked by broad sector gains. The US benchmark also found technical support by reclaiming its 50-day moving average. Alphabet Inc. held steady in premarket trading after three consecutive all-time highs. Nasdaq 100 futures advanced 0.5%. Treasuries softened after inital jobless claims for the week of Nov. 22 fell slightly, defying expectations for a modest increase. The yield on 10-year notes rose two basis points to 4.02%. The dollar was little changed.
Economy
Applications for US unemployment benefits unexpectedly fell last week to the lowest since mid-April, remaining relatively subdued amid economic uncertainty. Initial claims decreased by 6,000 to 216,000 in the week ended Nov. 22. The median forecast in a Bloomberg survey of economists called for 225,000 applications. Continuing claims, a proxy for the number of people receiving benefits, edged up to 1.96 million in the previous week, according to Labor Department data released Wednesday.
World
Canada will tighten the rules on steel imports and offer more financial help for lumber producers, aiming to stem losses in two industries targeted by US tariffs. Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%, according to a person familiar with the government’s plans. That means steel produced in those nations will face a tariff when their volumes exceed 20% of what they sold to Canadian buyers last year.