U.S. Index Futures Surge; Oil Prices Increase
20 Junho 2024 - 7:56AM
IH Market News
U.S. index futures rose in pre-market trading on Thursday
following the Juneteenth holiday.
As of 6:21 AM, Dow Jones futures (DOWI:DJI) were up 42 points,
or 0.11%. S&P 500 futures advanced 0.41%, and Nasdaq-100
futures gained 0.63%. The 10-year Treasury yield stood at
4.254%.
In the commodities market, West Texas Intermediate crude for
July rose 0.04% to $81.60 per barrel. Brent crude for August
increased by 0.21%, nearing $85.25 per barrel. Iron ore traded on
the Dalian Exchange climbed 0.36% to $113.56 per metric ton.
On Thursday’s economic agenda, the Commerce Department will
release May housing starts data at 8:30 AM. Simultaneously, the
Labor Department will publish weekly jobless claims, and the
Philadelphia Fed will release its June industrial activity index.
Later, at 11:00 AM, the Department of Energy (DoE) will present its
weekly petroleum inventory update as of last Friday.
European markets are trending higher, driven by investor
expectations regarding upcoming interest rate decisions from the
central banks of the UK and Norway. It is expected that Norway’s
central bank will keep its interest rate steady at 4.5%. Meanwhile,
the Swiss National Bank announced a 0.25 percentage point cut in
its key interest rate, now set at 1.25%, according to Reuters
forecasts.
The People’s Bank of China is maintaining its key interest rates
stable, with the Loan Prime Rates unchanged for the fourth month.
Bank President Pan Gongsheng suggested a possible shift towards a
short-term rate as a monetary policy reference. Asian markets
closed mixed: the Shanghai SE fell 0.42%, Nikkei rose 0.16%, Hang
Seng dropped 0.52%, Kospi advanced 0.37%, and ASX 200 remained
flat.
On Tuesday, the Dow Jones rose 0.15%, the S&P 500 advanced
0.25%, and the Nasdaq grew 0.16%. Volatility followed the release
of mixed economic data, with modest increases in retail sales and a
significant jump in industrial production. Investors became
optimistic after weak retail sales figures suggested that American
households are starting to control their spending – an indication
of a slowdown in economic growth that could give the Federal
Reserve room to lower interest rates. Among individual stocks,
Nvidia (NASDAQ:NVDA) made history, becoming the most valuable
company in the U.S.
In the realm of quarterly reports, scheduled to report before
the market opens are Aurora Cannabis (NASDAQ:ACB),
Accenture (NYSE:ACN), Kroger
(NYSE:KR), Darden Restaurants (NYSE:DRI),
Jabil (NYSE:JBL), Winnebago
(NYSE:WGO), Silvaco (NASDAQ:SVCO),
Commercial Metals Company (NYSE:CMC),
Gypsum Management & Supply (NYSE:GMS),
Tsakos Energy Navigation (NYSE:TNP), among
others.
After the market closes, reports are expected from Smith
& Wesson (NASDAQ:SWBI) and Algoma
(NASDAQ:ASTL).
Tsakos Energy Navigation (NYSE:TNP)
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