U.S. Index Futures Rise as Fed’s Dovish Outlook Spurs Positive Investor Sentiment; Oil Prices See Minor Declines
21 Março 2024 - 8:26AM
IH Market News
U.S. index futures are showing an uptrend in Thursday’s
pre-market, driven by the record close of the three major indexes
in the previous session and the more “dovish” stance than
anticipated by the Federal Reserve at the end of its latest
monetary policy meeting.
At 6:48 AM, Dow Jones futures (DOWI:DJI) were up 90 points, or
+0.23%. S&P 500 futures advanced 0.30%, and Nasdaq-100 futures
gained 0.65%. The yield on 10-year Treasury notes was at
4.229%.
In the commodities market, West Texas Intermediate crude oil for
May fell 0.18%, to $81.12 per barrel. Brent crude for May dropped
0.16%, near $85.81 per barrel. Iron ore traded on the Dalian
exchange rose 2.72%, to $118.00 per metric ton.
On Thursday’s economic agenda, the spotlight initially turns to
weekly jobless claims data at 8:30 AM, with LSEG consensus
anticipating around 215,000 applications. Next, at 09:45 AM,
investors’ eyes will be on the service and manufacturing PMI
indexes. Finally, at 10:45 AM, it will be time for February’s
existing home sales.
Asia-Pacific markets mostly closed higher on Thursday, buoyed by
optimism after the Federal Reserve kept interest rates steady but
signaled possible future cuts. Notably, Japan’s Nikkei reached a
new record (+2.03%). South Korea’s Kospi (+2.41%) and Hong Kong’s
Hang Seng (+1.93%) also saw significant gains. The exception was
the Shanghai stock exchange, which closed slightly lower
(-0.08%).
European markets are recording gains, reflecting investors’
reaction to the recent monetary guidance from the Bank of England,
Norges Bank, and the Swiss National Bank. The latter surprised by
cutting its interest rate by 0.25 percentage points to 1.5%,
anticipating that inflation will remain under control. Expectations
revolve around the Bank of England, expected to maintain the rate
at 5.25%, with analysts keen on possible signs of future
reductions.
On Wednesday, U.S. stocks initially fluctuated but gained
momentum after the Federal Reserve kept rates steady and projected
three rate cuts this year. The Dow Jones, S&P 500, and Nasdaq
closed higher, driven by the Fed’s decision and the expectation of
a favorable monetary policy, stimulating gains across various
sectors, including airlines and banks. Specifically, the Dow saw an
increase of 401.37 points, or 1.03%, ending the day at 39,512.13
points. The S&P 500 grew by 46.11 points, or 0.89%, closing at
5,224.62 points, while the Nasdaq Composite advanced 202.62 points,
or 1.25%, to 16,369.41 points.
This market optimism was driven by the Fed’s decision to keep
interest rates stable, aligning with market expectations, but also
by maintaining its previous projections, which indicated the
possibility of three interest rate reductions over the year. The
federal funds rate remained in the range of 5.25% to 5.50%,
unchanged since the quarter-point increase last July. Despite the
need for greater confidence in the slowing inflation trend towards
the 2% target before any rate cuts, the Fed’s projections still
suggest a reduction in rates to the range of 4.50% to 4.75% by the
end of 2024.
In the earnings front, scheduled to present financial reports
before the market opens are Intuitive Machines
(NASDAQ:LUNR), Accenture (NYSE:ACN),
Sundial (NASDAQ:SNDL), Academy Sports
& Outdoors (NASDAQ:ASO), Darden
Restaurants (NYSE:DRI), FactSet
(NYSE:FDS), BaoZun (NASDAQ:BZUN),
Exscientia (NASDAQ:EXAI), Lufax
(NYSE:LU), Mink Therapeutics (NASDAQ:INKT), among
others.
After the close, the numbers from FedEx
(NYSE:FDX), Nike (NYSE:NKE), Direct
Digital Holdings (NASDAQ:DRCT), AAR Corp
(NYSE:AIR), Vitru Education (NASDAQ:VTRU),
Asensus Surgical (AMEX:ASXC),
HireQuest (NASDAQ:HQI), HyperFine
(NASDAQ:HYPR), Worthington Steel (NYSE:WS), and
more will be awaited.
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