U.S. Index Futures Surge after Dow Jones’ Worst Week, Oil Prices Dip
15 Abril 2024 - 8:08AM
IH Market News
U.S. index futures are up in Monday’s pre-market trading, with
Wall Street rebounding from the worst week of the year for the Dow
Jones index and facing challenges from Iran’s recent missile and
drone attack on Israel.
At 06:33 AM, Dow Jones futures (DOWI:DJI) were up 99 points, or
0.26%. S&P 500 futures rose 0.43%, and Nasdaq-100 futures
gained 0.53%. The yield on 10-year Treasury bonds was at
4.569%.
In the commodities market, West Texas Intermediate crude oil for
May fell 0.90%, to $84.89 per barrel. Brent crude oil for June fell
0.78%, near $89.74 per barrel. Iron ore traded on the Dalian
exchange rose 2.18%, to $116.80 per metric ton.
The U.S. economic agenda for Monday includes retail sales,
industrial manufacturing, business inventories, and federal income
tax.
European markets are mixed, while the industrial sector
experiences a substantial increase, the oil and gas sector faces a
decline, influenced by tensions in the Middle East. In the context
of geopolitical uncertainties, shares of Temenos
(CHIX:TEMNZ) stood out, jumping after refuting accusations of
accounting irregularities. Simultaneously, CVC
(LSE:CVCG) is preparing its IPO on Euronext Amsterdam, aiming to
raise 250 million euros, which underlines a long-term growth
strategy. Industrial production in the eurozone is awaited on the
economic front.
Most Asian markets recorded a decline on Monday, reacting both
to the rise in geopolitical tensions and to the massive drone and
missile attack launched by Iran against Israel, as well as to the
anticipation of important economic indicators. The week is marked
by the waiting for China’s GDP data and trade and inflation
statistics from Japan. Meanwhile, in India, wholesale inflation
exceeded expectations, driven mainly by rising food and energy
costs. The complicated situation of Chinese real estate firm
China Vanke, facing liquidity issues, also added
uncertainties to the market. Japan’s major machinery orders in
February exceeded forecasts, growing 7.7% monthly against an
expected 0.8%. Annually, they fell 1.8%, less than the 6% forecast.
Japan’s Nikkei 225 fell 0.74%. South Korea’s Kospi lost 0.42%,
Kosdaq fell 0.94%, Australia’s S&P/ASX 200 went down 0.46% and
Hong Kong’s Hang Seng fell 0.55%. China’s CSI 300 rose more than
2%, closing at 3,549.08.
Markets are tense with recent threats of military escalation in
the Middle East, which could raise energy costs during a critical
period of fighting inflation. Nevertheless, investors felt cautious
relief after statements from the Iranian mission at the UN,
indicating that the conflict might be over. International appeals
for moderation aim to prevent a widespread regional war.
U.S. stock markets ended the week with a significant drop,
influenced by geopolitical tensions, concerns about inflation, and
pessimistic economic projections from major banks. On Friday, the
Dow Jones index fell 1.24%, while the S&P 500 and Nasdaq
retreated 1.46% and 1.62%, respectively. Shares of
Citigroup (NYSE:C) and JPMorgan
Chase (NYSE:JPM) recorded notable falls after the
disclosure of their quarterly numbers, reflecting challenges in the
banking sector. Moreover, inflation continues to concern investors,
exacerbating the climate of uncertainty in the market.
On the quarterly results front, scheduled to present reports
before trading begins are Goldman Sachs (NYSE:GS),
Charles Schwab (NYSE:SCHW), M&T
Bank (NYSE:MTB), Guaranty Bancshares
(NASDAQ:GNTY), Caliber Cos Inc (NASDAQ:CWD), among
others.
After the close, numbers from Skillsoft
(NYSE:SKIL), FB Financial Corporation (NYSE:FBK),
Inspired Plc (NASDAQ:INSE), Vuzix
(NASDAQ:VUZI), Dragonfly Energy Holdings
(NASDAQ:DFLI), Crossfirst Bankshares Inc
(NASDAQ:CFB), and more will be awaited.
Guaranty Bancshares (NASDAQ:GNTY)
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