U.S. Futures Slightly Dip Amid Corporate Earnings and Quiet Economic Calendar, Oil Prices Fall
08 Maio 2024 - 9:29AM
IH Market News
U.S. index futures show slightly negative fluctuations on a day
with a limited economic agenda, as investors await statements from
key Federal Reserve officials. Throughout the day, figures such as
Vice Chairman Philip Jefferson, Boston Fed President Susan Collins,
and Fed Director Lisa Cook are expected to share their
perspectives, potentially influencing market expectations.
At 7:28 AM, Dow Jones futures (DOWI:DJI) fell by 25 points, or
-0.06%. S&P 500 futures declined by -0.17%, and Nasdaq-100
futures lost -0.23%. The yield on 10-year Treasury bonds was at
4.492%.
In the commodities market, June West Texas Intermediate crude
oil dropped -1.26%, to $77.39 per barrel. Brent crude oil for July
decreased by -1.18%, near $82.18 per barrel. Iron ore traded on the
Dalian exchange fell 2.91%, to $119.87 per metric ton.
On this Wednesday’s economic agenda, the Commerce Department
will release wholesale inventory data for March at 10:00 AM. At
10:30 AM, the Department of Energy (DoE) will share the position of
oil inventories until last Friday.
Most European markets are on the rise as investors assess new
corporate results in the region. Highlight for shares of
Siemens Energy (TG:SIE), up 13% after the company
raised its forecast for 2024, driven by the robust performance of
its electric grid segment.
Asian and Pacific stock markets ended the day with mixed
results, reflecting a cautious scenario in the face of recent
corporate earnings and technical adjustments. In Japan, the Nikkei
index recorded a significant drop of 1.63%, closing at 38,202.37
points, impacted by unfavorable profit projections from major
conglomerates, such as Nintendo (USOTC:NTDOY),
which saw its shares listed in Japan plunge 5.4%, and
Toyota (NYSE:TM), with a decline of 0.6%. Other
notable drops included Sony (NYSE:SONY), which
retreated 5%, and Nomura Holdings (NYSE:NMR),
which decreased 3.4%. Meanwhile, other indices in the region showed
divergent results: the Shanghai SE in China fell by 0.61%, and the
Hang Seng in Hong Kong dropped 0.90%. Conversely, the Kospi in
South Korea advanced 0.39%, and the ASX 200 in Australia posted a
modest gain of 0.14%.
During Tuesday’s trading session, U.S. stocks fluctuated but
closed narrowly. The Dow Jones rose slightly by 0.08%, marking its
fifth consecutive day of gains, while the S&P 500 increased by
0.13%. Conversely, the Nasdaq fell by -0.10%. Comments from
Minneapolis Federal Reserve President Neel Kashkari suggested the
need to see clear signs of disinflation before considering rate
cuts, adding that the possibility of raising rates again still
existed, although the threshold for this was high. Among individual
stocks, Disney (NYSE:DIS) stood out with a notable
decline, despite reporting higher-than-expected profits.
Companies are scheduled to present quarterly reports before the
market opens including Uber (NYSE:UBER),
Shopify (NYSE:SHOP), Affirm
(NASDAQ:AFRM), Toyota Motor (NYSE:TM),
Emerson (NYSE:EMR), Perion
Network (NASDAQ:PERI), ACM Research
(NASDAQ:ACMR), Avadel (NASDAQ:AVDL),
Editas Medicine (NASDAQ:EDIT), EchoStar
Corporation (NASDAQ:SATS), among others.
After the close, we will be awaiting numbers from
Arm (NASDAQ:ARM), Airbnb
(NASDAQ:ABNB), Robinhood Markets (NASDAQ:HOOD),
Beyond Meat (NASDAQ:BYND),
Applovin (NASDAQ:APP), Duolingo
(NASDAQ:DUOL), AMC Entertainment (NYSE:AMC),
TheTradeDesk (NASDAQ:TTD), Exact
Sciences (NASDAQ:EXAS), Energy Transfer
(NYSE:ET), and more.
AMC Entertainment (NYSE:AMC)
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