U.S. Index Futures See Modest Gains, Oil Prices Slip
07 Março 2024 - 8:01AM
IH Market News
U.S. index futures rose modestly in pre-market trading on
Thursday, with investors’ attention focused on Federal Reserve
Chairman Jerome Powell’s second day of testimony before the U.S.
Congress. Meanwhile, the market is in anticipation of the important
employment and payroll report, scheduled to be released on Friday,
waiting for signs that could influence future monetary policy
decisions.
At 05:35, Dow Jones futures (DOWI:DJI) rose 5 points, or 0.01%.
S&P 500 futures advanced 0.13%, and Nasdaq-100 futures
increased by 0.25%. The yield on 10-year Treasury notes was at
4.102%.
In the commodities market, West Texas Intermediate crude oil for
April fell 0.77% to $78.52 per barrel. Brent crude oil for May
dropped 0.78%, close to $82.31 per barrel. Iron ore traded on the
Dalian exchange rose 1.83% to $123.64 per metric ton.
Asian markets had mixed closings due to concerns over U.S.
sanctions and changes in Japanese monetary policy. The Chinese
pharmaceutical sector was impacted by a U.S. bill, negatively
affecting the Shanghai, Nikkei, and Hang Seng exchanges, but the
Kospi and ASX 200 resisted the negative trend.
European markets are down today, with investors’ eyes on the
upcoming European Central Bank (ECB) decision on interest rates.
The ECB is expected to keep its benchmark rate at the historical
level of 4.0%, with monetary policymakers emphasizing the need for
further evidence that inflation is effectively being contained.
There is a growing market expectation that a rate cut could be
announced as early as June.
The U.S. economic agenda on Thursday starts with the release of
last week’s unemployment insurance claims by the Department of
Labor at 08:30 AM, followed by the publication of January’s trade
balance by the Department of Commerce at the same time. The
highlight is at 10:00 AM when Fed Chairman Jerome Powell will make
a speech before the Senate Committee on Banking, Housing, and Urban
Affairs. To close the day, at 3:00 PM, the Fed will reveal January
consumer credit data, providing insights into spending
behavior.
After a notable recovery, U.S. stocks rose on Wednesday, with
the Dow Jones, S&P 500, and Nasdaq advancing 0.20%, 0.51%, and
0.58%, respectively. Federal Reserve Chairman Jerome Powell
suggested the possibility of lowering interest rates, bringing
optimism to the market. The semiconductor sector stood out with a
strong performance, reflecting the positive impact of economic
outlooks and monetary policies on stock indices.
In terms of quarterly earnings, those scheduled to present
financial reports before the market opens include
Kroger (NYSE:KR), Burlington
(NYSE:BURL), Big Lots (NYSE:BIG), American
Eagle Outfitters (NYSE:AEO), BJ’s
Wholesale (NYSE:BJ), Ciena (NYSE:CIEN),
BiliBili (NASDAQ:BILI), ABM
(NYSE:ABM), Paysafe (NYSE:PSFE), among others.
After the market closes, investors are awaiting results from
Broadcom (NASDAQ:AVGO), Costco
Wholesale (NASDAQ:COST), Marvell
Technologies (NASDAQ:MRVL), MongoDB
(NASDAQ:MDB), DocuSign (NASDAQ:DOCU),
Samsara (NYSE:IOT), BigBear.ai
(NYSE:BBAI), Petrobras (NYSE:PBR),
Gap (NYSE:GPS), Runway Growth
Finance (NASDAQ:RWAY), and more.
Paysafe (NYSE:PSFE)
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