U.S. Futures Decline Ahead of Triple Witching, Oil Prices Edge Lower
21 Junho 2024 - 9:00AM
IH Market News
U.S. index futures are moderately lower in pre-market trading
this Friday as Wall Street prepares for triple witching, a
significant quarterly event. During this period, derivative
contracts tied to stocks, index options, and futures all expire
simultaneously, forcing traders to roll over their positions or
open new ones. This can increase market volatility, with
approximately $5.5 trillion set to expire on Friday, according to
the options platform SpotGamma.
At 6:52 AM, Dow Jones (DOWI:DJI) futures fell 42 points, or
0.11%. S&P 500 futures declined 0.15%, and Nasdaq-100 futures
lost 0.11%. The yield on 10-year Treasury bonds was at 4.228%.
In the commodities market, West Texas Intermediate crude for
August fell 0.07% to $81.24 per barrel. Brent crude for August fell
0.11%, near $85.62 per barrel. Iron ore traded on the Dalian
exchange fell 0.36% to $111.76 per metric ton.
Friday’s economic calendar begins at 9:45 AM with the release of
preliminary readings of the manufacturing and services Purchasing
Managers’ Indexes (PMI), expected at 51 and 53.7, respectively. At
10:00 AM, the U.S. Department of Commerce will publish data on
May’s existing home sales.
Asian markets mostly ended lower on Friday, impacted by the
Nasdaq’s decline, which affected tech stocks in Hong Kong, South
Korea, and Taiwan. The Hang Seng Index fell -1.67%, while the Kospi
Index fell -0.83%. In mainland China, markets also retreated, with
the Shanghai SE falling -0.24%, pressured by consumer sectors. In
contrast, Japan’s Nikkei had a slight decline of -0.09%. Japan’s
manufacturing PMI rose to 50.5, signaling expansion. The yen is
under watch after recent declines increased the risk of currency
intervention. Bucking the trend, Australia’s ASX 200 rose
+0.34%.
European markets are down today, influenced by the U.S. and the
yen’s depreciation. Despite a brief recovery after the European
Parliament elections and new elections called in France, stocks
fell again. Today, investors are focused on various central bank
decisions and new economic data. The Stoxx 600 index is down, with
the banking and construction sectors leading the losses.
Carlsberg (TG:CBGB) shares fell 7.7% after Britvic
rejected two acquisition proposals, while Britvic
(LSE:BVIC) shares rose 6.9% following the announcement.
On Thursday, major U.S. indexes moved in opposite directions.
The Dow Jones had its best day of the month, rising 0.77% to close
at 39,134.76 points, driven by gains in Salesforce
(NYSE:CRM) and Chevron (NYSE:CVX). In contrast,
the S&P 500 fell 0.25% to 5,473.17 points, and the Nasdaq
dropped 0.79% to 17,721.59 points, with Nvidia (NASDAQ:NVDA)
falling 3.5%. Unemployment claims signaled moderation in employment
growth, falling to 238,000. Meanwhile, housing starts plummeted
5.5% in May, contrary to expectations of a rise. Building permits
fell 3.8%, reflecting weak demand. The data suggested a stable
labor market but potential weakening in the housing sector.
In terms of quarterly reports, Carmax
(NYSE:KMX) and FactSet (NYSE:FDS) are scheduled to
report before the market opens.
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