U.S. Index Futures Show Mixed Results, Oil Prices Edge Lower
24 Junho 2024 - 8:01AM
IH Market News
U.S. index futures show mixed results this Monday, with markets
entering the last week of June and the first half of 2024 near
highs. Investors are focused on the release of the Personal
Consumption Expenditures (PCE) index on Friday, the Federal
Reserve’s preferred inflation gauge for guiding interest rate
decisions.
At 6:31 AM, Dow Jones futures (DOWI:DJI) rose 96 points, or
0.24%. S&P 500 futures advanced 0.08%, and Nasdaq-100 futures
lost 0.10%. The 10-year Treasury yield stood at 4.261%.
In the commodities market, West Texas Intermediate crude for
August fell 0.07% to $81.24 per barrel. Brent crude for August fell
0.11% to near $85.62 per barrel. Last week, oil prices increased by
approximately 3%, driven by rising demand for petroleum products in
the United States, the world’s largest consumer. This increase was
also supported by ongoing production cuts implemented by OPEC+,
which helped maintain a tight supply. Iron ore traded on the Dalian
exchange fell 3.11% to $109.56 per metric ton.
On Monday’s economic agenda, the Chicago Fed National Activity
Index reading for May will be released at 8:30 AM by the Chicago
Fed. The PCE, the week’s main economic indicator, will be released
on Friday, with LSEG consensus forecasting a monthly change of
0.30% in the core indicator for May, compared to April.
Asia-Pacific markets faced significant declines as investors
eagerly awaited upcoming inflation data from Australia and
Japan.
There is a growing expectation that a higher-than-expected
increase in inflation could lead the Reserve Bank of Australia to
raise interest rates, deviating from the predominant rate cut
expectations in the region. The Bank of Japan discussed raising
rates, awaiting a clear inflation recovery. Last week, BOJ Governor
Kazuo Ueda reportedly told the country’s parliament that the
central bank could raise rates in July.
In response, Australia’s S&P/ASX 200 index fell 0.8% to
close at 7,733.7, while Japan’s Nikkei 225 rose 0.54% to 38,804.65.
Hong Kong’s Hang Seng fell 0.88%, China’s Shanghai Composite
declined 1.17%, and South Korea’s Kospi lost 0.70%.
European markets showed a positive performance on Monday
morning, reflecting investor optimism. The automotive sector showed
significant gains, while the retail sector faced a downturn. The
scenario reflects investors’ anticipation of the release of GDP
data from Spain and Italy, as well as upcoming interest rate
decisions by the central banks of Sweden and Turkey.
On Friday, U.S. stocks showed a lack of direction, following
mixed performances in previous sessions. The Dow Jones rose 15.57
points, or 0.04%, to 39,150.33 points, while the S&P 500 fell
8.55 points, or 0.16%, to 5,464.62. The Nasdaq fell 32.23 points,
or 0.18%, to 17,689.36. The S&P 500 gained 0.6% last week,
marking its eighth positive week in nine. Nvidia (NASDAQ:NVDA),
which had fallen 3.5% on Tuesday, dropped another 3.2% in the last
session. The Conference Board’s Leading Economic Index fell 0.5% in
May after a 0.6% decline in April. Existing home sales in the U.S.
fell 0.7% to an annual rate of 4.11 million.
On the quarterly earnings front, MoneyHero
(NASDAQ:MNY), Enerpac Tool Group (NYSE:EPAC), and
Beyond Air (NASDAQ:XAIR) are reporting.
MoneyHero (NASDAQ:MNY)
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