US Index Futures Drop Ahead of FOMC Decision, Oil Prices Inch Up
10 Junho 2024 - 8:23AM
IH Market News
U.S. index futures are down in pre-market trading this Monday,
marking the start of a week highlighted by the Federal Open Market
Committee (FOMC) interest rate decision on Wednesday. According to
the CME FedWatch tool, markets are now pricing in only one interest
rate cut this year, expected in November.
As of 6:39 AM, Dow Jones futures (DOWI:DJI) fell 83 points, or
0.21%. S&P 500 futures declined 0.10%, and Nasdaq-100 futures
gained 0.06%. The 10-year Treasury yield stood at 4.463%.
In the commodities market, West Texas Intermediate crude for
July rose 0.12% to $75.62 per barrel. Brent crude for August
increased by 0.15%, near $79.73 per barrel. Iron ore traded on the
Dalian Exchange rose 0.72% to $115.83 per metric ton.
European markets are operating lower, reflecting investor
reactions to the European Union (EU) Parliamentary election results
and the unexpected call by French President Emmanuel Macron for new
parliamentary elections. Early EU election results indicate that
far-right populist parties may have a greater influence on European
policy-making over the next five years.
Asian markets closed mixed amid holidays that kept Chinese and
Hong Kong markets closed. In Tokyo, the Nikkei index advanced 0.92%
to 39,038.16 points, driven by gains in the financial and
electronic sectors, supported by strong U.S. labor market data that
boosted Japanese government bond (JGB) yields and weakened the yen.
Additionally, there was an upward revision in Japan’s Gross
Domestic Product (GDP) for the quarter ending in March, resulting
in an annualized contraction of 1.8%. South Korea’s Kospi index
fell 0.79%, and Australia’s ASX 200 rose 0.49%.
On Friday, major U.S. indices fluctuated between gains and
losses before closing slightly lower. The S&P 500 fell 0.11%,
the Dow Jones declined 0.22%, and the Nasdaq lost 0.23%. The May
jobs report showed an increase of 272,000 jobs, surpassing
expectations of 185,000. However, the unemployment rate reached its
highest level since January 2022, rising to 4.0% from 3.9% in
April. Annual growth in average hourly earnings accelerated to
4.1%. Analysts had expected the unemployment rate to remain
unchanged and had estimated around 185,000 jobs, compared to the
originally reported addition of 175,000 jobs for the previous
month. The indices posted positive weekly results, with the Nasdaq
up 2.4% and the S&P 500 up 1.3%. The Dow recorded a more modest
gain, rising 0.3%.
Scheduled to report quarterly earnings are FuelCell
Energy (NASDAQ:FCEL), Yext (NYSE:YEXT),
Skillsoft (NYSE:SKE), Calavo
Growers (NASDAQ:CVGW), among others.
Skeena Resources (NYSE:SKE)
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