US Index Futures Steady, Oil Prices Dip Amid China Slowdown, Key Earnings Reports Ahead
16 Julho 2024 - 7:12AM
IH Market News
U.S. index futures are mostly steady in pre-market trading on
Tuesday, following a record Dow Jones closing for the 20th time
this year on the previous day.
At 5:36 AM, Dow Jones futures (DOWI:DJI) rose 33 points, or
0.08%. S&P 500 futures gained 0.02%, and Nasdaq-100 futures
increased by 0.01%. The 10-year Treasury yield stood at 4.176%.
In the commodities market, oil prices fell due to an economic
slowdown in China, raising doubts about demand despite the growing
possibility of the Fed starting to cut rates as early as September.
West Texas Intermediate crude for August dropped 0.84% to $81.22
per barrel. Brent crude for September fell 0.75% to around $84.21
per barrel.
On the U.S. economic agenda for Tuesday, the Department of Labor
will publish import and export prices for June at 8:30 AM.
Simultaneously, retail sales for the same month will be
revealed.
Asia-Pacific markets showed mixed performance on Tuesday.
Japan’s Nikkei 225 and India’s Nifty 50 reached record highs. The
Nikkei 225 rose 0.2% while the Topix gained 0.34%. The Nifty 50
climbed 0.20%. Hong Kong’s Hang Seng fell 1.52%, impacted by the
consumer sector. South Korea’s Kospi increased by 0.18%, while the
Kosdaq dropped 1.56%. China’s CSI 300 rose 0.63%, and the Shanghai
Composite edged up 0.08%. Australia’s S&P/ASX 200 declined by
0.23% after hitting a historic high.
With weak Chinese GDP, Goldman Sachs (NYSE:GS)
and JPMorgan (NYSE:JPM) revised their growth
forecasts downward. Additionally, investors are closely watching
China’s Third Plenary Session, a meeting addressing local
government debt and the development of the manufacturing sector.
Among individual stocks, Singapore’s Temasek
(TG:A2SANF) plans to invest up to $10 billion in India, focusing on
sectors like financial services and healthcare, while remaining
cautious about China. Insurer Ping An
(USOTC:PIAIF) saw its shares plummet after canceling $102.6 million
in A-shares.
European markets are trading lower, reflecting concerns over
economic and political conditions in the region, with declines
across all sectors. There are no major data releases in Europe on
Tuesday. Among individual stocks, notable decliners included
Hugo Boss (TG:BOSS), down more than 8% after the
company cut its sales forecast due to macroeconomic challenges. In
contrast, Ocado (LSE:OCDO) is up 15% after
reporting a smaller half-year loss and raising its full-year
expectations. Investors are awaiting the latest quarterly results
from Swedbank (LSE:81BO).
On Monday, U.S. stocks rose, with the Dow Jones and S&P 500
hitting new records. The Dow gained 210.82 points, or 0.53%, to
40,211.72. The S&P 500 added 15.87 points, or 0.28%, closing at
5,631.22. The Nasdaq rose 74.12 points, or 0.4%, to 18,472.57.
Optimism about Federal Reserve rate cuts and the prospects of
Donald Trump’s victory in the upcoming elections boosted the
market.
The New York Federal Reserve Bank report showed regional
manufacturing activity contracted further in July, with the index
dropping to -6.6. Additionally, Fed Chairman Jerome Powell stated
that recent data reinforces confidence that inflation is
approaching the bank’s 2% target, which could lead to rate cuts. He
emphasized that the last three inflation readings were crucial for
this outlook but avoided predicting the timing of rate reductions.
Powell also mentioned a shift in focus, balancing concerns about
the labor market and inflation.
On Monday, Trump chose JD Vance as vice president, highlighting
the importance of the role after a disastrous debate by Biden.
Vance attributed an assassination attempt on Trump to President Joe
Biden’s campaign rhetoric.
In the quarterly earnings front, before the market opens,
Bank of America (NYSE:BAC), Morgan
Stanley (NYSE:MS), Charles Schwab
(NYSE:SCHW), State Street (NYSE:STT), PNC
Financial (NYSE:PNC), Mercantile Bank
Corporation (NASDAQ:MBWM), UnitedHealth
Group (NYSE:UNH), Progressive (NYSE:PGR),
and Angiodynamics (NASDAQ:ANGO), among others,
will report.
After the market closes, results from Interactive
Brokers (NASDAQ:IBKR), J.B. Hunt
(NASDAQ:JBHT), AEHR Test Systems (NASDAQ:AEHR),
Hancock Whitney (NASDAQ:HWC), Fulton
Financial (NASDAQ:FULT), Omnicom Group
(NYSE:OMC), Pinnacle Financial Partners
(NASDAQ:PNFP), Equity Bancshares (NYSE:EQBK), and
Great Southern Bank (NASDAQ:GSBC), among others,
will be anticipated.
JP Morgan Chase (NYSE:JPM)
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