Here is what you need to know.
Stocks flirted with all-time highs on Wednesday. The Dow Jones Industrial Average crossed its record high on a closing basis of 18,613.52 and came within an eyelash of the all-time high of 18,636.05 set on August 15. The major average is set to open up in record territory on Thursday, up 0.6% at 18,721.
Treasury yields haven’t been this high since the beginning of the year. Aggressive selling on Wednesday ran Treasury yields up by more than 20 basis points at the long end of the curve and to their highest levels since January. That selling has carried over into Thursday’s session with the 10-year yield up another 1 basis point at 2.06%.
China’s yuan was fixed at it lowest level in 6 years. The People’s Bank of China fixed the Chinese yuan at 6.7885, its weakest since September 2010, amid worries President-elect Donald Trump could name China a currency manipulator, Bloomberg reports.
New Zealand cut rates to a record low. The Reserve Bank of New Zealand lowered its benchmark interest rate 25 basis points to a record-low 1.75% as a result of weak inflationary pressures. The New Zealand dollar, commonly referred to as the kiwi, is down 0.3% at .7258 versus the US dollar.
Yahoo warns that Verizon may back out of their deal because of the massive data breach. In the "risk factors" portion of its quarterly filing disclosed on Wednesday, Yahoo said: "Verizon may assert, or threaten to assert, rights or claims with respect to the Stock Purchase Agreement as a result of facts relating to the Security Incident and may seek to terminate the Stock Purchase Agreement or renegotiate the terms of the Sale transaction on that basis."
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Shake Shack beats. The burger chain earned $0.15 a share on revenue of $74.6 million and said it expected full-year same-shack sales growth of 2% to 3%. Shares of Shake Shack are up by 8% ahead of the opening bell.
Mylan whiffs. The maker of the EpiPen announced a net loss of $119.8 million for the third quarter because of a proposed $465 million settlement with the US Department of Justice and other government agencies.
Stock markets around the world are higher. Japan's Nikkei (+6.7%) led the gains in Asia, and France's CAC (+1.3%) paces the advance in Europe.
Earnings reporting slows down a bit. Kohl's, Macy's, Michael Kors, and Ralph Lauren are among the companies reporting ahead of the opening bell, while Nordstrom and Walt Disney highlight the names releasing their quarterly results after markets close.
US economic data is light. Initial jobless claims will cross the wires at 8:30 a.m. ET.