U.S. Futures Waver Ahead of Fed Decision Amid Mixed Corporate Earnings; Oil Prices Slide
31 Janeiro 2024 - 8:29AM
IH Market News
U.S. futures are mixed in Wednesday’s pre-market ahead of the
Federal Reserve announcement, with expectations focused on interest
rate maintenance and future monetary policy guidance by Jerome
Powell. Meanwhile, Alphabet (NASDAQ:GOOGL) and Microsoft
(NASDAQ:MSFT) are experiencing declines following mixed
results.
As of 05:37 AM, Dow Jones futures (DOWI:DJI) rose by 25 points,
or 0.06%. S&P 500 futures fell by 0.54%, and Nasdaq-100 futures
retreated by 1.22%. The yield on 10-year Treasury bonds was at
4.024%.
In the commodities market, West Texas Intermediate crude for
March fell by 1.30% to $76.81 per barrel. Brent crude for March
dropped by 1.16% to around $81.91 per barrel. Iron ore with a 62%
concentration, traded on the Dalian exchange, fell by 3.08% to
$135.42 per metric ton.
Today’s U.S. economic agenda starts at 08:15 AM with the ADP
report on private sector job creation in January, followed by the
Q4 Employment Cost Index. The Chicago PMI for January will be
released at 09:45 AM, and oil inventories up to January 26th will
be announced at 10:30 AM. The day concludes at 2:00 PM with the
Fed’s interest rate decision and Jerome Powell’s press conference.
The Fed is expected to maintain the interest rate range between
5.25% and 5.5%.
On Wednesday, Asian markets showed mixed results, affected by
negative Chinese manufacturing indicators and cautious expectations
regarding the Fed’s interest rate decision. Notable declines were
observed in Shanghai (-1.48%) and Hong Kong (-1.39%), while Tokyo
(+0.61%) and Australia (+1.06%) posted gains.
European markets are showing varied performance as global
investors anticipate the Fed’s new monetary policy decision and
analyze corporate financial results. Noteworthy are the financial
statements released by pharmaceutical companies Novo Nordisk and
Novartis, Santander bank, and H&M retail chain before the
market opens.
U.S. stock indices had a mixed performance on Tuesday, with the
Dow reaching a new record high and the Nasdaq falling due to
profit-taking in the tech sector, in anticipation of results from
major companies like Alphabet (NASDAQ:GOOGL) and Microsoft
(NASDAQ:MSFT). The uncertainty ahead of the Federal Reserve
announcement also influenced the market. Meanwhile, economic data
showed an unexpected increase in job openings and an improvement in
consumer confidence.
In the lead-up to Wednesday’s quarterly earnings, scheduled to
present financial reports are Boeing (NYSE:BA),
Novo Nordisk (NYSE:NVO),
Mastercard (NYSE:MA), Phillips 66
(NYSE:PSX), Roper Technologies (NYSE:ROP),
Thermo Fisher (NYSE:TMO), Nasdaq
(NASDAQ:NDAQ), Boston Scientific (NYSE:BSX), among
others, before the market opens.
After the close, earnings from Qualcomm
(NASDAQ:QCOM), Corteva (NYSE:CTVA), Align
Technologies (NASDAQ:ALGN), MetLife
(NYSE:MET), Wolfspeed (NYSE:WOLF),
AvalonBay Communities (NYSE:AVB), Century
Communities (NYSE:CCS), and more will be awaited.
MasterCard (NYSE:MA)
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