Dow Dips, Nasdaq Gains, Oil Prices Rise
26 Junho 2024 - 8:00AM
IH Market News
U.S. index futures are mixed pre-market trading on Wednesday,
driven by gains in Nvidia and optimism in the tech sector on Wall
Street. U.S. Treasury yields are rising as investors analyze recent
Fed statements and await important new economic data.
At 6:15 AM, Dow Jones futures (DOWI:DJI) fell 21 points, or
0.06%. S&P 500 futures rose 0.06%, and Nasdaq-100 futures
gained 0.18%. The yield on 10-year U.S. Treasury bonds was
4.281%.
In the commodities market, West Texas Intermediate crude for
August rose 0.85% to $81.52 per barrel. Brent crude for August rose
0.80%, nearing $85.69 per barrel. Iron ore traded on the Dalian
exchange rose 3.38% to $113.67 per metric ton.
The U.S. economic indicator agenda for Wednesday starts at 8:30
AM with the release of the third reading of Q1 GDP by the Commerce
Department. At 10:00 AM, also from the Commerce Department, May new
home sales will be announced. Later, at 10:30 AM, the Department of
Energy (DoE) will release the latest petroleum inventory data up to
last Friday.
Asia-Pacific markets closed with mixed but mostly positive
results. Gains were led by a notable advance in the semiconductor
sector, influenced by Nvidia’s recovery in the U.S. market,
boosting investor confidence in the region. In Australia, May
inflation reached 4%, above expectations, increasing the likelihood
of interest rate hikes by the RBA. In Singapore, industrial
production grew 2.9%, surpassing expectations.
The Shanghai SE index in China closed up 0.76%, while Japan’s
Nikkei saw a more significant increase of 1.26%. The Hang Seng in
Hong Kong had a modest increase of 0.09%, and South Korea’s Kospi
rose 0.64%. Conversely, Australia’s ASX 200 faced a more
challenging day, falling 0.71%.
European markets are up today, recovering from the previous
day’s losses, driven by improvements in global semiconductor
stocks. With no significant new economic data, investors are
focused on upcoming guidance from the European Central Bank (ECB).
There are moderate expectations that the ECB may ease its monetary
policy twice more this year, as suggested by board member Olli
Rehn, who warned against excessively restricting economic activity.
However, investment sentiment in Europe remains cautious due to the
potential for far-right advances in the upcoming legislative
elections in France, which is also negatively impacting the
euro.
U.S. stocks closed mixed on Tuesday after a cautious session.
The Dow Jones lost 299.05 points, or -0.76%, to 39,112.16. The
Nasdaq rose 220.84 points, +1.26%, to 17,717.65, and the S&P
500 gained 21.43 points, or +0.39%, to 5,469.30. The Chicago Fed
National Activity Index rose to +0.18 in May, and the Conference
Board Consumer Confidence Index fell to 100.4 in June.
Among individual stocks, Nvidia (NASDAQ:NVDA),
Meta Platforms (NASDAQ:META),
Alphabet (NASDAQ:GOOGL), Apple
(NASDAQ:AAPL), and others posted strong gains, while
Boeing (NYSE:BA), Nike
(NYSE:NKE), Goldman Sachs (NYSE:GS), and others
fell sharply. Walmart (NYSE:WMT) ended down more
than 2% after the company’s CFO signaled that the second quarter
would be the “most challenging quarter.”
On the quarterly report front, General Mills
(NYSE:GIS), PayChex (NASDAQ:PAYX), and
UniFirst (NYSE:UNF) are reporting before the
market opens.
After the close, numbers are expected from Micron
Technology (NASDAQ:MU), BlackBerry
(NYSE:BB), Levi Strauss (NYSE:LEVI),
Culp (NYSE:CULP), Franklin Covey
(NYSE:FC), Jefferies (NYSE:JEF),
MillerKnoll (NASDAQ:MLKN),
AeroVironment (NASDAQ:AVAV),
Concentrix (NASDAQ:CNXC), H.B.
Fuller (NYSE:FUL).
Boeing (NYSE:BA)
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