FX.co ★ US Futures Steady After Sharp Market Selloff

US stock futures remained stable on Thursday after experiencing steep declines the day before due to renewed concerns regarding the expanding federal deficit. On Wednesday, the Dow dropped by 1.91%, the S&P 500 decreased by 1.61%, and the Nasdaq Composite fell by 1.41%. These significant losses were a reaction to an increase in Treasury yields, sparked by investor worries over a proposed federal budget that might worsen the already considerable deficit. Nonetheless, the bill faced opposition as several Republicans from blue states threatened to withdraw support unless it allowed for a greater deduction for state and local taxes—a crucial issue that could potentially derail Trump's comprehensive tax strategy. Investors are now focusing on Thursday's weekly jobless claims report for indicators of the labor market's health. In corporate developments, Lumen Technologies saw an 11% surge in after-hours trading following AT&T's announcement of its intention to acquire Lumen’s Mass Markets fiber internet sector. Additionally, Snowflake and Urban Outfitters experienced substantial gains due to their strong quarterly performances.