U.S. Futures Show Mixed Trends Ahead of May Retail Sales Data, Oil Prices Edge Lower
18 Junho 2024 - 8:04AM
IH Market News
U.S. index futures show mixed behavior in pre-market trading
this Tuesday, following a day of gains on Wall Street. Investors
are adjusting their positions in response to expectations of
forthcoming economic data releases.
As of 6:31 AM, Dow Jones futures (DOWI:DJI) dropped by 5 points,
or 0.01%. S&P 500 futures advanced by 0.07%, and Nasdaq-100
futures gained 0.25%. The 10-year Treasury note yield stood at
4.294%.
In the commodities market, West Texas Intermediate crude for
July fell by 0.24% to $80.14 per barrel. Brent crude for August
decreased by 0.21%, trading near $82.07 per barrel. Oil prices had
advanced in the previous session amid expectations of stronger
demand and investor confidence that OPEC+ producers might suspend
or reverse their plans to increase supply in the last quarter of
the year. Iron ore traded on the Dalian exchange rose by 0.24% to
$113.08 per metric ton.
On Tuesday’s economic agenda, U.S. retail sales for May will be
released at 8:30 AM. Economists polled by LSEG expect a growth of
0.2% from April. Additionally, industrial production and capacity
utilization for May will be announced at 9:15 AM by the Federal
Reserve. Furthermore, several members of the Federal Reserve,
including Boston Fed President Susan Collins and Richmond Fed
President Tom Barkin, will speak at events across the country
throughout the day.
European markets are showing positive performance as investors
position themselves in anticipation of the Bank of England’s
interest rate decision, scheduled for Thursday. The majority expect
the Bank to maintain the interest rate at 5.25%. According to a
Reuters survey of economists, most anticipate a rate cut as soon as
August.
Most Asian markets closed the day with gains, driven by the
recent rally on Wall Street. Meanwhile, investors remain focused on
upcoming interest rate decisions by the Reserve Bank of Australia.
Among the highlighted indices, the Shanghai SE in China rose by
0.48%, the Nikkei in Japan increased by 1.00%, the ASX 200 in
Australia advanced by 1.01%, while the Kospi in South Korea grew by
0.72%. On the other hand, the Hang Seng in Hong Kong experienced a
slight decline of 0.11%.
On Monday, U.S. stocks started directionless but rose throughout
the day. The Dow Jones increased by 188.94 points, or 0.49%, to
38,778.10; the S&P 500 advanced by 41.63 points, or 0.77%, to
5,473.23; and the Nasdaq jumped by 168.14 points, or 0.95%, to
17,857.02. On the economic front, the New York Fed reported that
local industrial activity contracted in June at a slower rate, with
the business conditions index rising to -6.0 in June from -15.6 in
May. Despite the contraction, the six-month optimism reached its
highest level in over two years.
On the quarterly reports front, America’s
Car-Mart (NASDAQ:CRMT), Cognyte Software
(NASDAQ:CGNT), and Patterson Companies
(NASDAQ:PDCO) are scheduled to report before the market opens.
KB Home (NYSE:KBH) is scheduled to report its
figures after the market closes.
Cognyte Software (NASDAQ:CGNT)
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