U.S. Index Futures Mixed Ahead of Key PPI Inflation Data Release, Oil Prices Decline
13 Junho 2024 - 8:18AM
IH Market News
U.S. index futures are mixed in pre-market trading this
Thursday, with the S&P 500 above 5,400 points. Investors are
awaiting new inflation data and analyzing the recent Federal
Reserve decision on interest rates, as well as a
lower-than-expected consumer inflation reading for May.
At 6:42 AM, Dow Jones (DOWI:DJI) futures fell 134 points, or
0.35%. S&P 500 futures advanced 0.06%, and Nasdaq-100 futures
gained 0.57%. The 10-year Treasury yield stood at 4.308%.
In the commodities market, West Texas Intermediate crude oil for
July fell 0.80% to $77.87 per barrel. Brent crude for August fell
0.68% to around $82.04 per barrel. Iron ore traded on the Dalian
exchange rose 0.93% to $112.66 per metric ton.
On Thursday’s economic calendar, the Labor Department will
release the May producer price index (PPI) numbers at 08:30 AM.
Analysts polled by LSEG expect the PPI to have risen 0.1% last
month. Concurrently, the Labor Department will release data on
unemployment insurance claims for the week ending last
Saturday.
European markets are trading in the red, with the automotive
sector leading losses, down 2.2%, reaching its lowest level in four
months.
Asian markets had a mixed performance, with investors awaiting
tomorrow’s interest rate decision from the Bank of Japan (BoJ). The
BoJ is unlikely to raise rates again, as it did nearly three months
ago. However, it faces significant challenges, with the Japanese
economy under pressure due to the persistent appreciation of the
dollar against the yen. The Shanghai SE (China) fell 0.28%, the
Nikkei (Japan) declined 0.40%, while the Hang Seng Index (Hong
Kong) rose 0.97%, the Kospi (South Korea) advanced 0.98%, and the
ASX 200 (Australia) gained 0.44%.
On Wednesday, U.S. stocks experienced an initial rally driven by
lower-than-expected consumer inflation data, followed by volatility
after the Federal Reserve’s monetary policy announcement. The
consumer price index remained unchanged in May, while the Fed kept
interest rates unchanged but indicated only one rate cut this year.
The Dow Jones closed down 35.21 points, while the S&P 500 and
the Nasdaq reached new closing records, rising 0.85% and 1.53%,
respectively.
Scheduled to report quarterly earnings before the market opens
are Signet Jewelers (NYSE:SIG),
Korn/Ferry (NYSE:KFY), LoveSac
(NASDAQ:LOVE), John Wiley & Sons Inc
(NYSE:WLY), among others.
After the close, results are expected from
Adobe (NASDAQ:ADBE) RH (NYSE:RH),
RF Industries (NASDAQ:RFIL), High
Tide (NASDAQ:HITI), Iteris (NASDAQ:ITI),
and more.
Signet Jewelers (NYSE:SIG)
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