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U.S. equity futures nudged higher Thursday, while the dollar gave back recent gains against its global peers, as investors crept back into global risk markets following a four-day selloff on Wall Street.

Stocks ended lower again Wednesday, with the S&P 500 extending its second quarter decline to around 4.4%, as investors eyed sharp moves higher in Treasury bond yields tied to a hotter inflation outlook while closely tracking developments in the simmering military conflict between Israel and Iran. 

Treasury yields began to ease in the afternoon session, however, following a stronger-than-expected auction of $13 billion in 20-year bonds that drew solid interest from foreign investors attracted to the higher risk-free yields. 

Benchmark 10-year notes were marked 2 basis points lower from late Wednesday levels at 4.571% heading into the start of the New York trading session, with 2-year notes pegged at 4.925%. 

The U.S. dollar index, which tracks the greenback against a basket of its global currency peers, was marked 0.09% lower at 105.854, providing firm support for other major pairings in foreign exchange markets. 

On Wall Street, chip and technology stocks are likely to pace today’s advance following a robust near-term outlook from Taiwan Semiconductor  (TSM) , the world’s biggest contract chipmaker, and reports of a $6 billion contract from the Commerce Department to Micron Technology  (MU) .

Nvidia  (NVDA) , Advanced Micro Devices  (AMD)  and Micron were all around the top gainers in premarket trading while Tesla  (TSLA)  extended its near 40% year-to-date slump. 

Investors will also focus on today’s weekly jobless claims data from the Labor Department, as well as a reading of economic activity in the mid-Atlantic region published by the Philadelphia Federal Reserve. 

The Fed’s new rate messaging, meanwhile, has pushed back bets on a near-term interest rate cut until at least September, and possibly beyond, while putting the remarks of various central bank officials firmly in the spotlight.

Related: No landing, no Fed rate cuts: the markets’ new bet on 2024

New York Fed President John Williams and Atlanta Fed President Raphael are due to make public comments later today. 

Netflix  (NFLX)  is also slated to publish its first-quarter earnings update after the close of trading, with analysts expecting the streaming service giant to post a bottom line of $4.52 a share on revenue of $9.28 billion.

Heading into the start of the trading day, futures contacts tied to the S&P are indicating an 11 point opening bell gain, while those linked to the Dow Jones Industrial Average suggest a 74 point advance.

Chip stocks will support a 60 point opening bell gain for the tech-focused Nasdaq, which is down 4.25% since the start of the month.

More Wall Street Analysts:

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• Analysts weigh in on Google-parent Alphabet’s stock after cloud event
• Analysts revamp Disney stock price target after proxy fight

In overseas markets, Europe’s Stoxx 600 was marked 0.14% higher in early Frankfurt trading, with Britain’s FTSE 100 rising 0.23% in London.

Overnight in Asia, Japan’s Nikkei 225 snapped a three-day losing streak to rise 0.31% and close at 38,079.70 points amid increasing speculation of an intervention by government officials to strengthen the yen. 

The regionwide MSCI ex-Japan benchmark rose 0.7% into the close of trading, powered by solid gains in South Korea and Hong Kong and a mixed session on the Chinese mainland.

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