Global Markets Await U.S. Inflation Report: Mixed Movements in Pre-Market Trading
12 Março 2024 - 8:22AM
IH Market News
In the pre-market trading on Tuesday, U.S. index futures show mixed
movements as investors wait for the inflation report that could
indicate the direction of the Federal Reserve’s monetary
policy.
At 06:33 AM, Dow Jones futures (DOWI:DJI) fell
17 points, or 0.04%. S&P 500 futures advanced
0.24%, and Nasdaq-100 futures rose 0.43%. The
yield on 10-year Treasury notes was at 4.087%.
In the commodities market, West Texas Intermediate crude oil for
April rose 0.56% to $78.37 a barrel. Brent crude oil for May
increased by 0.63% to around $82.74 a barrel. Iron ore traded on
the Dalian exchange fell 2.23% to $115.92 per metric ton.
On Tuesday’s economic agenda, the February consumer price index
is awaited at 8:30 AM. The consensus among LSEG analysts
anticipates a 0.4% increase on a monthly basis and 3.1% on an
annual basis.
Asian markets closed mixed, with Hong Kong’s Hang Seng leading
the gains with a 3.05% jump, driven by technology stocks.
Meanwhile, Japan’s Nikkei saw a slight decrease of 0.06%, and
China’s Shanghai SE fell by 0.41%. South Korea’s Kospi and
Australia’s ASX 200 posted modest increases of 0.83% and 0.11%,
respectively, reflecting market caution ahead of U.S. inflation
data.
European markets are showing gains as investors focus on the
upcoming U.S. inflation report. Concurrently, wage growth in the
United Kingdom was recorded at 6.1% between November 2023 and
January 2024, as announced by the Office for National Statistics.
Analysts suggest that this index should not interfere with the
predictions that the Bank of England may cut interest rates by
mid-year.”
After initial pressures, U.S. stocks partially recovered on
Monday. The Dow Jones closed with a slight increase of 0.12%, while
the S&P 500 and Nasdaq saw decreases of 0.11% and 0.41%,
respectively. Uncertainty about the interest rate policy and
expectations for Tuesday’s inflation data influenced the market.
Specific sectors, such as semiconductors and steel, faced
difficulties, while gold stocks stood out with significant
gains.
On the earnings front, scheduled to present financial reports
before the market opens are Archer-Daniels-Midland
(NYSE:ADM), Kohl’s (NYSE:KSS),
Workhorse (NASDAQ:WKHS), On
Holding (NYSE:ONON), International Game
Technology (NYSE:IGT), Hagerty
(NYSE:HGTY), Manchester United (NYSE:MANU),
Blade Air Mobility (NASDAQ:BLDE), among
others.
After the close, numbers are awaited from
Clover (NASDAQ:CLOV), Beauty
Health (NASDAQ:SKIN), Phunware
(NASDAQ:PHUN), Allbirds (NASDAQ:BIRD),
Energy Vault (NYSE:NRGV), PHX
Minerals (NYSE:PHX), Guild Holdings
(NYSE:GHLD), Purple Innovation (NASDAQ:PRPL),
Heron Therapeutics (NASDAQ:HRTX), and more.
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