U.S. Index Futures Fluctuate Ahead of Key Jobs Report; Oil Prices Dip
08 Março 2024 - 8:22AM
IH Market News
In the pre-market trading on Friday, U.S. index futures showed
an uncertain trend, following the day when the S&P 500 marked
its 16th annual record. Investors are on hold for the February jobs
report, eager for new data that could reveal the current state of
the American labor market.
At 05:47 AM, the Dow Jones Industrial Average futures (DOWI:DJI)
fell 46 points, or 0.12%. The S&P 500 futures advanced 0.09%,
and the Nasdaq-100 futures increased 0.03%. The yield on 10-year
Treasury notes was at 4.073%.
In the commodities market, the West Texas Intermediate crude oil
for April fell 0.14%, to $78.82 per barrel. Brent crude oil for May
fell 0.11%, close to $82.87 per barrel. The benchmark April iron
ore on the Singapore Exchange fell 1.56%, to $114.9 per metric ton.
The iron ore traded on the Dalian exchange fell 1.13%, to
$121.99.
Asian and Pacific stock markets ended higher, boosted by Wall
Street’s positive reaction to signs of US interest rate cuts.
Highlights include China, where technology and telecommunications
stocks stood out after ministerial promises to strengthen the
sector, in line with speeches at the National People’s Congress.
Major indices such as Shanghai SE (+0.61%), Nikkei (+0.23%), Hang
Seng (+0.76%), Kospi (+1.24%), and ASX 200 (+1.07%) recorded
significant gains.
European markets show modest variations, reflecting investors’
caution after the ECB’s inflation forecast revision and in
anticipation of new US employment data. Adjustments in inflation
expectations for 2024 and the maintenance of interest rates drove
moderate optimism.
On the US economic agenda this Friday, the US Department of
Labor will reveal the payroll data and the unemployment rate for
January at 08:30 AM. Analysts consulted by LSEG expect a growth of
200,000 and an unemployment rate of 3.7% – signs of a slowing labor
market, but one that is still relatively strong.
After a rebound on Wednesday, US stocks surged on Thursday, with
the main indices recovering the week’s losses. The Dow Jones grew
by 0.34%, while the S&P 500 and Nasdaq reached new highs,
jumping 1.03% and 1.51%, respectively.
Optimism came after statements by the Federal Reserve chairman
about possible interest rate cuts, boosting the market. Sectors
such as semiconductors and oil services stood out. On the economic
front, the released data presented a mixed panorama. On one hand,
the Department of Labor’s report indicated stability in initial
unemployment insurance claims, remaining at 217,000, signaling a
resilience of the labor market. On the other hand, the Department
of Commerce reported an increase in the US trade deficit to $67.4
billion in January, reflecting growth in imports that outpaced the
modest advance in exports.
In terms of quarterly results, companies scheduled to present
financial reports include America’s Car-Mart
(NASDAQ:CRMT), Algonquin Power & Utilities
(NYSE:AQN), Bio-Path Holdings (NASDAQ:BPTH),
Genesco (NYSE:GCO), NCS Multistage
Holdings (NASDAQ:NCSM), Silvercrest
(NASDAQ:SAMG), among others.
Algonquin Power (NYSE:AQN)
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