US Index Futures Decline Ahead of Federal Reserve Meeting, Oil Prices Retreat
19 Março 2024 - 8:27AM
IH Market News
In Tuesday’s pre-market trading, U.S. index futures are pointing
to a decline, reflecting investors’ caution as they analyze
revelations from Nvidia’s artificial intelligence conference and
the growing anticipation for the future direction of U.S. monetary
policy, especially with the commencement of the Federal Reserve’s
(Fed) two-day meeting scheduled for today.
By 06:30 AM, Dow Jones futures (DOWI:DJI) dropped 27 points, or
-0.07%. S&P 500 futures fell -0.17%, and Nasdaq-100 futures
lost -0.26%. The yield on 10-year Treasury notes stood at
4.314%.
In the commodities market, West Texas Intermediate crude oil for
April fell 0.31%, to $82.46 per barrel. Brent crude oil for May
dropped 0.36%, close to $86.58 per barrel. Iron ore traded on the
Dalian exchange rose 5.35%, to $114.87 per metric ton.
On Tuesday’s economic agenda, the spotlight is on the report on
new home construction for February, to be released at 8:30 AM. A
monthly growth of 2.0% is anticipated.
In the Asia-Pacific equity markets, the Shanghai Composite and
Shenzhen Composite indices recorded declines, as did the Hang Seng
in Hong Kong and the Kospi in South Korea, reflecting a challenging
day in the Asian markets. In a move that didn’t surprise the
market, the Bank of Japan (BoJ) raised its interest rate from -0.1%
to between 0% and 0.1%, marking its first increase since 2007.
Despite the change, BoJ President Kazuo Ueda assured that monetary
policy would remain accommodative. Japan’s Nikkei index closed up
+0.66%.
European markets show a mixed trend as international investors
eagerly await the start of the Federal Reserve meeting, which will
last two days and is crucial for setting monetary policy.
Meanwhile, shares in the oil and gas sector are experiencing a 0.7%
increase, contrasting with a 0.7% decrease observed in the
utilities segment.
On Monday, U.S. stock markets closed higher, with the Dow Jones,
S&P 500, and Nasdaq ending up 0.20%, 0.63%, and 0.82%,
respectively. The technology sector drove the market, with standout
performances from Alphabet (NASDAQ:GOOGL) and
Nvidia (NASDAQ:NVDA). As investors await the
Federal Reserve meeting, a report indicated an improvement in U.S.
home builders’ confidence.
On the earnings front, companies scheduled to present financial
reports before the market opens include Xpeng
(NYSE:XPEV), Tencent Music Entertainment
(NYSE:TME), HUYA Inc (NYSE:HUYA), Caleres
Inc (NYSE:CAL), Core & Main
(NYSE:CNM), among others.
After the close, earnings from Terawulf Inc
(NASDAQ:WULF), Healthequity Inc (NASDAQ:HQY),
ZTO Express (NYSE:ZTO), Harrow
Inc (NASDAQ:HROW), Precigen
(NASDAQ:PGEN), Cyclacel (NASDAQ:CYCC),
Corvus Pharmaceuticals (NASDAQ:CRVS),
Design Therapeutics (NASDAQ:DSGN), Taysha
Gene Therapies (NASDAQ:TSHA), Reimada
Therapeutics (NASDAQ:RLMD), and more are awaited.
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