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U.S. equity futures moved lower in early Thursday trading, while Treasury yields jumped and the dollar steadied, after a record close for the Nasdaq extended the market's solid late-year rally.

Updated at 8:21 AM EST

ECB rate move

The European Central Bank lowered its benchmark deposit rate by a quarter of a percentage point following its two-day policy meeting in Frankfurt in a move that matched economists' forecasts and marked its fourth reduction of the year.

"Most measures of underlying inflation suggest that inflation will settle at around the Governing Council's 2% medium-term target on a sustained basis,' the ECB said in a statement. "Domestic inflation has edged down but remains high, mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay."

The euro was last marked 0.43% lower on the session and trading at 1.0482 against the U.S. dollar following the rate announcement.

Stock Market Today

Tech stocks powered markets higher Wednesday following a November inflation report that matched Wall Street's forecasts and cemented the case for an end-of-year rate cut from the Federal Reserve.

Core price pressures held at 3.3%, while the headline reading ticked modestly higher to 2.7%, but both monthly gauges were largely unchanged, allowing the Fed wiggle room for a quarter-point reduction next week in Washington.

Treasury bond yields, however, jumped on the session and in overnight trading, after data showed a staggering $367 billion budget deficit for November, a record that was 17% higher than the year-earlier tally.

The Treasury will sell $22 billion in new 30-year bonds later today.

Benchmark 10-year note yields, which held steady after a solid auction of $39 billion in new paper yesterday, were last marked 3 basis points higher at 4.302%, with 2-year notes trading at 4.181%.

The U.S. dollar index, meanwhile, was marked 0.12% lower against a basket of its biggest peers ahead of today's European Central Bank rate decision and the Commerce Department's reading of factory gate inflation at 8:30 a.m. Eastern Time.