US Index Futures Drop Amid Rising Treasury Yields and Inflation Concerns, Oil Prices Increase
29 Maio 2024 - 8:28AM
IH Market News
U.S. index futures are down in pre-market trading this
Wednesday, after the Nasdaq Composite reached a new record in the
previous session. Investors are focused on rising Treasury yields
and increasing inflation concerns.
As of 6:25 AM, Dow Jones futures (DOWI:DJI) fell 219 points, or
0.56%. S&P 500 futures dropped 0.56%, and Nasdaq-100 futures
lost 0.58%. The 10-year Treasury yield was at 4.564%.
In the commodities market, West Texas Intermediate crude for
July rose 0.78% to $84.88 per barrel. Brent crude for July
increased by 0.77% to near $84.86 per barrel. Iron ore traded on
the Dalian exchange fell 1.11% to $125.30 per metric ton.
On Wednesday’s economic agenda, the Federal Reserve’s Beige Book
will be released at 2 PM, along with comments from Federal Reserve
members. At 1:45 PM, New York Fed President John Williams will
participate in a panel. At 7 PM, Atlanta Fed President Raphael
Bostic will speak.
European markets are operating lower, reacting to their worst
session in a month the previous day. Investors are focused on the
outlook for interest rate adjustments and are attentive to the rise
in global bond yields.
Asian markets mostly closed lower on Wednesday, following mixed
behavior on Wall Street after the holiday. Japan’s Nikkei index
fell 0.77% to close at 38,556.87 points, impacted by losses in
electronics and machinery sectors, while the 10-year Japanese
government bond yield hit 12-year highs, driven by the prospect of
more restrictive monetary policy by the Bank of Japan. Other
notable declines include the Hang Seng index in Hong Kong, which
fell 1.83%, South Korea’s Kospi, which dropped 1.67%, and
Australia’s ASX 200, which closed with a loss of 1.30%. In China,
the Shanghai index saw a slight increase of 0.05%, benefiting from
new stimulus measures for the real estate sector in major
cities.
On Tuesday, the Nasdaq and Dow Jones had mixed performances. The
Nasdaq, after a brief afternoon dip, recovered and closed at a
record high of 17,019.88 points. The Dow Jones fell 0.55% to
38,852.86, while the S&P 500 edged up just 0.02% to 5,306.04.
The Nasdaq, which declined in afternoon trading influenced by
Treasury yields, was boosted by a 7.1% rise in Nvidia (NASDAQ:NVDA)
shares. Economically, the consumer confidence index for May jumped
to 102.0 from a revised 97.5 in April. The recovery surprised
economists, who had expected the consumer confidence index to
decrease to 95.3, compared to the initially reported 97.0 for the
previous month.
Scheduled to report quarterly earnings before the market opens
are Dick’s Sporting Goods (NYSE:DKS),
Abercrombie & Fitch (NYSE:ANF),
Chewy (NYSE:CHWY), Advanced Auto
Parts (NYSE:AAP), Bank of Montreal
(NYSE:BMO), CollPlant Biotechnologies
(NASDAQ:CLGN), Nordio American Tankers (NYSE:NAT),
Columbus McKinnon (NASDAQ:CMCO), Allot
Communications (NASDAQ:ALLT), Mediwound
(NASDAQ:MDWD), among others.
After the market closes, results from
Salesforce (NYSE:CRM), C3.ai
(NYSE:AI), UiPath (NYSE:PATH),
Okta (NASDAQ:OKTA), Nutanix
(NASDAQ:NTNX), PureStorage (NYSE:PSTG),
Agilent Technologies (NYSE:A), HP
(NYSE:HPQ), American Eagle (NYSE:AEO),
American Superconductor (NASDAQ:AMSC), and more
will be awaited.
CollPlant Biotechnologies (NASDAQ:CLGN)
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