U.S. Index Futures Dip in Pre-Market Amid Earnings Assessments and Upcoming Inflation Report
31 Maio 2024 - 8:51AM
IH Market News
U.S. index futures are down in pre-market trading on Friday as
investors assess a series of corporate earnings ahead of a critical
inflation report release. Despite a week of losses, Wall Street is
on track to close out May with significant gains.
At 7:02 AM, Dow Jones futures (DOWI:DJI) dropped 47 points, or
0.12%. S&P 500 futures fell 0.27%, and Nasdaq-100 futures lost
0.45%. The yield on the 10-year Treasury notes stood at 4.556%.
In the commodities market, West Texas Intermediate crude for
July rose 0.04%, to $77.94 a barrel. Brent crude for July fell
0.40%, near $81.53 a barrel. Iron ore traded on the Dalian exchange
dropped 1.70%, to $121.74 per metric ton.
On Friday’s economic calendar, the PCE index, which measures
individual spending, as well as April’s personal income and
spending data will be published at 8:30 AM by the Commerce
Department. Economists expect a 2.7% year-over-year increase for
the core PCE, slightly below the previous gain of 2.8%, according
to Dow Jones.
European markets show a slight increase, extending gains from
the previous session, in response to recent regional inflation
data, which recorded a 2.6% rise in May. This result exceeded the
expectations of economists surveyed by Reuters, who had anticipated
a modest increase of 0.1 percentage points from April’s index of
2.4%.
Asian markets closed without a clear direction today, reacting
to various economic data from the region. In Japan, industrial
production unexpectedly fell, while inflation in Tokyo met
expectations. Additionally, Japan’s Ministry of Finance announced
on Friday the first currency intervention since 2022, spending
9.7885 trillion yen to stabilize the yen after it hit its lowest
value in 34 years in April. South Korea reported a notable increase
in industrial production. However, the contraction of the
industrial sector in China raised concerns, highlighted in a mixed
results landscape that included variations in major Asian market
indices: Shanghai SE fell 0.16%, Nikkei rose 1.14%, Hang Seng
retreated 0.83%, Kospi had a slight rise of 0.04%, and ASX 200
increased 0.96%.
On Thursday, U.S. market indexes faced a day of losses,
culminating in negative closings. The Dow Jones Industrial fell
330.06 points, a decline of 0.86%, closing at 38,111.48. The
S&P 500 retreated 31.47 points, about 0.60%, ending at
5,235.48, while the Nasdaq saw a decrease of 183.50 points or
1.08%, closing at 16,737.08. Notable decline for
Salesforce (NYSE:CRM), whose shares plummeted
19.7%, after disappointing results and projections below
expectations.
With the imminent release of important inflation data, the
market remained cautious, particularly mindful of the implications
for future interest rates. Additionally, economic indicators such
as a slight increase in unemployment claims and moderate GDP growth
also influenced investor sentiment.
Scheduled to present quarterly reports are
Genesco (NYSE:GCO), X Financial
(NYSE:XYF), BRP Inc (NASDAQ:DOOO), among
others.
Salesforce (NYSE:CRM)
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