Index Futures Point to Strong Monday Opening, Building on Last Week’s Gains; Oil Prices Rise
06 Maio 2024 - 9:09AM
IH Market News
U.S. index futures indicate a positive opening in Monday’s
pre-market, extending the robust gains achieved last week.
At 06:36 AM, the futures for the Dow Jones Industrial Average
(DOWI:DJI) rose 102 points, or 0.26%. The S&P 500 futures
advanced 0.29%, and the Nasdaq-100 futures gained 0.24%. The yield
on 10-year Treasury bonds was at 4.473%.
In the commodities market, West Texas Intermediate crude oil for
June rose 1.01%, to $78.90 per barrel. Brent crude for July rose
0.87%, near $83.69 per barrel. Iron ore traded on the Dalian
Exchange rose 2.63%, to $123.56 per metric ton.
European markets are showing gains, influenced by investors’
continued reassessment of the possibility of interest rate cuts, in
response to weaker-than-expected U.S. employment data, along with
new economic indicators from Europe. A significant highlight was
the release of the final S&P composite purchasing managers’
index for the eurozone, which showed a rapid expansion of business
activity. This index, crucial for assessing economic performance,
rose to 51.7 in April, up from 50.3 in March, marking the fastest
expansion in nearly a year and boosting market optimism.
Asian and Pacific markets closed higher on Monday, with notable
performances from China and Australia, following a positive close
on Wall Street last week that fueled expectations of interest rate
cuts in the United States. In China, after a three-day holiday
break, the Shanghai SE rose 1.16%, influenced by optimism generated
by the recent Politburo meeting. In Hong Kong, the Hang Seng Index
advanced 0.55%. On the other hand, Japan and South Korea saw no
stock market movements due to local holidays. In Australia, the ASX
200 gained 0.70%.
On Friday, U.S. stocks maintained positive momentum, with the
Dow Jones advancing 450.02 points, the S&P 500 gaining 63.59
points, and the Nasdaq surging 315.37 points. Over the week, the
S&P 500 rose 0.6%, while the Dow advanced 1.1% and the Nasdaq
jumped 1.4%. The Department of Labor’s employment report revealed
lower-than-expected job growth, but this paradoxically raised
market optimism. The unemployment rate rose slightly and wage
growth slowed, signaling less inflationary pressure, generating
expectations that the Federal Reserve might maintain a more
flexible stance on interest rates. Another highlight was the
exceptional performance of Apple (NASDAQ:AAPL),
with its shares rising 6.0% following the release of fiscal
second-quarter results that exceeded expectations and the
announcement of a $110 billion share buyback.
For the quarterly earnings front, reports are scheduled to be
presented before market open from Spirit Airlines
(NYSE:SAVE), BioNTech (NASDAQ:BNTX), Tyson
Foods (NYSE:TSN), JLL (NYSE:JLL),
Napco Security Technologies (NASDAQ:NSSC),
Krystal Biotech (NASDAQ:KRYS), Axsome
Therapeutics (NASDAQ:AXSM), Alpha Metallurgical
Resources (NYSE:AMR), Freshpet Inc
(NASDAQ:FRPT), among others.
After the close, results from Palantir
Technologies (NYSE:PLTR), Symbotic
(NASDAQ:SYM), Hims & Hers Health (NYSE:HIMS),
Lucid Group (NASDAQ:LCID), Realty
Income (NYSE:O), Rocket Lab
(NASDAQ:RKLB), Teradata (NYSE:TDC),
Microchip Technology (NASDAQ:MCHP), Vertex
Pharmaceuticals (NASDAQ:VRTX), Axon Enterprise
Inc (NASDAQ:AXON), and more are awaited.
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