U.S. Index Futures Signal Mixed Trading, Oil Prices Dip
16 Abril 2024 - 8:19AM
IH Market News
U.S. index futures are mixed in pre-market trading this Tuesday,
with the Dow Jones aiming to break a six-day losing streak.
At 6:26 AM, the Dow Jones futures (DOWI:DJI) were up 65 points,
or 0.17%. The S&P 500 futures fell -0.26%, and the Nasdaq-100
futures lost -0.39%. The 10-year Treasury yield was at 4.649%.
In the commodities market, West Texas Intermediate crude for May
fell 0.30% to $85.15 per barrel. Brent crude for June fell 0.23%,
near $89.89 per barrel. Iron ore traded on the Dalian exchange fell
1.49%, to $114.10 per metric ton.
On the U.S. economic agenda for Tuesday, the day begins at 8:30
AM with the report on housing starts. At 9:15 AM, it will be time
for industrial production. Later, at 1:15 PM, Jerome Powell,
chairman of the Federal Reserve, will participate in a debate
focused on economic trends in North America, an event that will
surely draw the attention of investors and analysts. Finally, at
4:30 PM, attention will turn to the weekly oil stocks, released by
the American Petroleum Institute (API).
European markets face significant drops today, influenced by
concerns about tensions in the Middle East, especially after a
significant attack by Iran against Israel. The geopolitical
situation in the region remains tense, with Israel promising
retaliation for the attack, although signaling a strategically
calculated response. International allies have called for
restraint, warning that the conflict could quickly escalate into a
broader war. Meanwhile, the European economy shows mixed signs: in
the United Kingdom, the unemployment rate rose to 4.2%, up from
3.9% last year. However, wage growth, excluding bonuses, exceeded
expectations, registering an increase of 6%, which may bring some
hope amid economic and geopolitical uncertainties.
Asian markets recorded a sharp decline today, reflecting the
ongoing instability in the Middle East and reacting to a set of
mixed economic data from China. The main stock exchanges in the
region closed in the red: Shanghai SE in China fell 1.65%, Nikkei
in Japan retreated 1.94%, Hang Seng in Hong Kong had a drop of
2.12%, while the Kospi in South Korea led the losses with 2.28% and
the ASX 200 in Australia depreciated by 1.81%. There is a growing
concern that the escalation of the conflict in the Middle East
could boost oil prices, intensify inflation, and complicate the
plans of major central banks to cut interest rates.
U.S. stocks had another day of decline on Monday. Despite a
promising start, the major indexes fell during the session, with
the Nasdaq leading the descent. The Dow Jones fell 0.65%, the
S&P 500 1.20%, and the Nasdaq 1.79%. The positive results from
Goldman Sachs (NYSE:GS) and the growth in retail
sales were unable to sustain optimism, with Treasury yields rising
and concerns about interest rates weighing on sentiment.
On the quarterly earnings front, reports are scheduled to be
presented before trading begins from Bank of America
Corp (NYSE:BAC), Morgan Stanley
(NYSE:MS), BNY Mellon (NYSE:BK), PNC
Financial (NYSE:PNC), Mercantile Bank
Corp (NASDAQ:MBWM), Northern Trust
(NASDAQ:NTRS), Ericsson (NASDAQ:ERIC),
Johnson & Johnson (NYSE:JNJ),
UnitedHealth Group (NYSE:UNH), among others.
After the close, numbers will be awaited from United
Airlines (NASDAQ:UAL), JB Hunt
(NASDAQ:JBHT), Interactive Brokers (NASDAQ:IBKR),
Ontrak Health (NASDAQ:OTRK), Hancock
Whitney (NASDAQ:HWC), Equity Bancshares
(NASDAQ:EQBK), Fulton Financial (NASDAQ:FULT),
America Movil (NYSE:AMX), Omnicom
Group (NYSE:OMC), and more.
PNC Financial Services (NYSE:PNC)
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