US Index Futures Mixed, Oil Prices Edge Higher
06 Fevereiro 2024 - 8:27AM
IH Market News
U.S. index futures show a mixed behavior, reflecting the
volatility brought about by a recent rise in Treasury yields and
the growing market anxiety that the Federal Reserve might adopt a
more cautious stance on interest rate cuts than initially
anticipated by Wall Street.
At 06:00 AM, Dow Jones futures (DOWI:DJI) fell 65 points, or
0.17%. S&P 500 futures were almost unchanged (+0.01%), and
Nasdaq-100 futures advanced 0.21%. The yield on the 10-year
Treasury notes was at 4.164%.
In the commodities market, West Texas Intermediate crude oil for
March delivery rose 0.16%, to $72.92 per barrel. Brent crude oil
for April delivery rose 0.24%, to around $78.18 per barrel. Iron
ore with a 62% concentration, traded on the Dalian exchange, fell
0.63%, to $132.10 per metric ton.
On today’s U.S. economic agenda, in addition to the API’s crude
oil inventory report expected at 4:30 PM, further comments from
American central bank members are anticipated, including statements
from the President of the Cleveland Fed, Loretta Mester, and the
President of the Boston Fed, Susan Collins.
Asian markets closed the day without a common direction, with a
significant recovery in Chinese stocks, driven by government
support measures, standing out. In contrast, indices from other
regions declined, reflecting the recent drops on Wall Street. After
six sessions of losses, driven by doubts about Chinese economic
vigor, markets in China showed resilience. The Shanghai Composite
index rose 3.23%, reaching 2,789.49 points, while the Shenzhen
Composite jumped 5.14%, to 1,506.79 points, its largest gain since
February 2019. Chinese regulatory authorities encouraged
corporations to buy back shares and distribute dividends as a
market valuation strategy.
European markets are trading higher, supported by the firmness
of investor confidence, despite uncertainties about interest rate
cuts.
On Monday, U.S. stocks experienced a significant drop after two
sessions of gains. The Dow closed down 0.71%, the S&P 500 fell
0.32%, and the Nasdaq dropped 0.20%. The initial weakness was
caused by profit-taking from the previous high and diminished
optimism for a rate cut in March, as indicated by Fed Chairman
Jerome Powell. However, confidence increased due to solid economic
data, and selling pressure eased throughout the day. Sectors like
airlines and gold performed poorly, while pharmaceuticals and
technology saw positive movements.
For Tuesday’s quarterly earnings front, financial reports are
scheduled before the market opens from Eli Lilly
(NYSE:LLY), Spotify (NYSE:SPOT),
Hertz (NASDAQ:HTZ), BP (NYSE:BP),
Toyota Motor (NYSE:TM), Spirit
Aerosystems (NYSE:SPR), CheckPoint
(NASDAQ:CHKP), Ametek (NYSE:AME),
Fiserv (NASDAQ:FISV), Cummins
(NYSE:CMI), among others.
After the close, numbers are awaited from Ford
Motor (NYSE:F), Snap Inc (NYSE:SNAP),
Enphase Energy (NASDAQ:ENPH), Chipotle
Mexican Grill (NYSE:CMG), Fortinet
(NASDAQ:FTNT), Amgen (NASDAQ:AMGN), VF
Corp (NYSE:VFC), Gilead Sciences
(NASDAQ:GILD), and more.
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