US futures are little changed to slightly lower into the open, caught between two opposing forces: the Treasury's surprise move to double its long-bond buybacks — which yanked yields lower overnight — and a fresh climb in oil after President Trump vowed an "economic D-Day" against Iran. As reported by Yahoo Finance, S&P 500 futures were down about 0.1%, Dow futures off 0.18% and Nasdaq-100 futures near flat, with the VIX ticking up to ~15.3.

Futures now

Per Yahoo Finance: S&P 500 futures ~7,721 (-0.10%), Dow futures ~53,435 (-0.18%), Nasdaq-100 futures ~29,504 (-0.03%), Russell 2000 futures -0.12%. Context: all three indexes closed higher Wednesday, snapping a losing streak after the Treasury's bond-buyback news, per CNBC.

The overnight driver

The US Treasury unexpectedly said it will at least double debt buybacks (from $2bn to "at least" $4bn per operation, effective Sept 9), targeting the 10–30yr part of the curve after the 30-year yield hit a ~19-year high this week. Stocktwits/Reuters report the 10-year yield fell 5bps to 4.65% and the 30-year eased 9bps to 5.19%. Analysts framed it as a possible step toward yield-curve control.

Pre-market movers

• Walmart -6% (CNBC): revenue beat, but US comparable sales grew 2.6% vs ~3.5% expected and guidance disappointed. Reports today.
• Moderna -7% after a +177% melanoma-vaccine surge the prior session; Merck +12.6%, Novavax +11% on the same trial (Stocktwits, CNBC).
• Alibaba -3.4%: June-quarter profit fell 75% on heavy AI spending (CNBC).
• Crypto names ripped: Coinbase ~+7%, Strategy (MSTR) ~+10%, Webull ~+14% as Bitcoin jumped ~11% past $70k for the first time since June, on crypto-legislation optimism.
• Nordson +5.4% on raised FY guidance.

Earnings today

Walmart headlines, alongside Deere, Coty, Nordson and Advance Auto Parts (CNBC). Walmart's read on the US consumer is the one to watch.

Macro today

A second-tier data day, no top-tier print: Initial Jobless Claims (8:30 ET) — the most recent read was ~209k (week ended Aug 8), per Trading Economics; Philadelphia Fed Manufacturing Index (8:30 ET); and Existing Home Sales plus the Leading Economic Index (both 10:00 ET). A jobless-claims uptick would reinforce the softening-labor narrative; the Philly Fed is a first look at August factory activity. Backdrop: Wednesday's July FOMC minutes leaned hawkish, with several policymakers open to a rate hike if inflation doesn't cool (Investing.com).

Rates, dollar & commodities

US 10Y ~4.65%, 30Y ~5.19% (lower on the buyback news). WTI crude ~$86 (+2.3%) and Brent ~$92 as the Iran/Strait of Hormuz standoff persists; gold ~$4,551 (little changed); Bitcoin ~$71.5k (+11%). (Yahoo Finance, Stocktwits)

Overnight global context

Asian markets closed higher — Japan's Nikkei, South Korea's KOSPI, China's SSE and Australia's ASX all in the green — helped by the yield pullback and crypto strength (Stocktwits).

What to watch at the open

Watch whether the buyback-driven drop in yields can offset rising oil and a hawkish Fed — that tug-of-war is what has futures pinned near flat. Walmart's guidance will set the tone for consumer names, and any follow-through in the crypto complex is worth tracking. Next week's Jackson Hole (Aug 27–29), featuring new Fed Chair Kevin Warsh's debut keynote, is the bigger event on the horizon.

As of 09:10 ET, Aug 20, 2026. Sources: Yahoo Finance, Stocktwits/Reuters, CNBC, Investing.com, Trading Economics. Automated US market brief for discussion and education only — not investment advice. Verify before acting.