U.S. Index Futures Open Lower Amid Nasdaq Record, Fed Speeches
21 Maio 2024 - 8:13AM
IH Market News
U.S. index futures opened slightly lower in pre-market trading
on Tuesday, reflecting investor caution after the Nasdaq hit a
record high close, while the market remains attentive to speeches
from various Federal Reserve members.
At 7:27 AM, Dow Jones futures (DOWI:DJI) fell 4 points, or
0.01%. S&P 500 futures declined 0.01%, and Nasdaq-100 futures
lost 0.11%. The yield on the 10-year Treasury note stood at
4.426%.
In the commodities market, West Texas Intermediate crude for
June fell 1.34%, to $78.73 a barrel. Brent crude for July fell
1.13%, near $82.76 a barrel. Iron ore traded on the Dalian exchange
rose 1.68%, to $126.74 per metric ton.
On Tuesday’s economic calendar, the focus will be on a series of
speeches and appearances by notable Federal Reserve members.
The day begins at 9 AM with Tom Barkin, president of the Federal
Reserve of Richmond, followed by addresses from Christopher Waller
and John Williams, both prominent figures within the Fed. Raphael
Bostic, president of the Atlanta Fed, will also be speaking at an
event at 9:10 AM. Later in the morning, at 11:45 AM, Michael Barr,
another influential Fed representative, will take the stage.
Additionally, at 3:30 PM, investors will be attentive to the
weekly oil inventory numbers released by the American Petroleum
Institute (API).
The evening will culminate with a moderated discussion by
Raphael Bostic, involving leaders Susan Collins, from Boston, and
Loretta Mester, from Cleveland, starting at 7 PM.
European markets are operating in the red this week, with a
shortage of data dominating the agenda. However, investors are
keeping an eye on the release of the FOMC minutes on Wednesday,
along with the UK inflation numbers, which are expected to show a
sharp drop in the overall rate. Although European data had little
impact on today’s trading, it is worth noting that producer prices
(PPI) in Germany fell more than expected in April, while the
eurozone’s trade surplus increased from February to March.
Asian and Pacific stock markets closed lower, with recent
enthusiasm for stimulus measures for the Chinese real estate sector
losing momentum. The Chinese market retreated after three days of
gains, partly due to an ambitious plan by Beijing to revive the
country’s real estate sector. The Shanghai SE fell 0.42%, Japan’s
Nikkei 0.31%, Hong Kong’s Hang Seng Index 2.12%, and South Korea’s
Kospi 0.65%.
After an initial advance, major U.S. stock indexes moved in
opposite directions on Monday. The Nasdaq hit a new record close,
rising 0.65%. The Dow fell 0.49% after closing above 40,000 on
Friday. The S&P 500 rose 0.09%. The strength of the Nasdaq
reflected the strong performance of semiconductor stocks, with the
Philadelphia Semiconductor Index rising 2.2% on the day.
Scheduled to present quarterly reports before the market opens
are Lowe’s (NYSE:LOW), Macy’s
(NYSE:M), Xpeng (NYSE:XPEV), Zim
(NYSE:ZIM), AutoZone (NYSE:AZO), Eagle
Materials (NYSE:EXP), BiomX (AMEX:PHGE),
PropertyGuru (NYSE:PGRU), Oneconnect
Financial Technology (NYSE:OCFT), Full Truck
Alliance (NYSE:YMM), among others.
After the close, investors await the numbers from XP
Inc (NASDAQ:XP), Urban Outfitters
(NASDAQ:URBN), Toll Brothers (NYSE:TOL),
Modine Manufacturing (NYSE:MOD),
ViaSat (NASDAQ:VSAT), Skyline
Champion (NYSE:SKY), Alvotech SA
(NASDAQ:ALVO), and more.
PropertyGuru (NYSE:PGRU)
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