Nasdaq Tech Stocks Show Partial Recovery; Oil Prices Rise
18 Julho 2024 - 7:01AM
IH Market News
U.S. index futures show a mixed trend in pre-market trading this
Thursday, with technology stocks making a partial recovery after
the Nasdaq experienced its worst session since 2022 the previous
day.
At 5:07 AM, Dow Jones futures (DOWI:DJI) fell 30 points,
or 0.07%. S&P 500 futures gained 0.28%, and Nasdaq-100 futures
advanced 0.58%. The yield on the 10-year Treasury note stood at
4.184%.
In the commodities market, oil prices rose following an
unexpectedly large decline in U.S. crude oil inventories,
indicating strong demand. Analysts see this as a sign of robust
demand in the U.S., which could intensify if the Fed and European
banks cut interest rates, further stimulating economic growth.
West Texas Intermediate crude for August rose 0.35%, to $83.14
per barrel. Brent crude for September climbed 0.05%, near $85.12
per barrel. The most-traded iron ore contract on the Dalian
Commodity Exchange fell 0.9%, to $111.86 per metric ton.
On the U.S. economic calendar for Thursday, jobless claims for
the week ending last Saturday will be published at 8:30 AM by the
Labor Department. Simultaneously, the Philadelphia Fed’s July
manufacturing index will be released. At 10:00 AM, June existing
home sales will be published by the Commerce Department.
Asia-Pacific markets had a mixed performance, predominantly
falling due to new U.S. export restrictions and geopolitical
tensions exacerbated by statements from Donald Trump.
Japan’s Nikkei 225 fell significantly by 2.36%, and the Topix
also dropped 1.6%. Semiconductor-related companies, such as
Tokyo Electron and Advantest, saw
sharp declines of 8% and 5%, respectively. Australia’s S&P/ASX
200 fell 0.27%. South Korea’s Kospi dropped 0.67%, and the
small-cap Kosdaq also closed down 0.84%. TSMC, the
world’s largest chip manufacturer, saw its shares fall more than
2.43%, contributing to the 1.56% drop in Taiwan’s Weighted
Index.
Despite declines in most markets, Hong Kong’s Hang Seng rose
0.64%. China’s CSI 300 gained 0.55%, while the Shanghai Composite
increased 0.48%. In Japan, exports and imports were below
expectations with growths of 5.4% and 3.2%, respectively. The yen
strengthened, hitting a six-week high amid suspicions of Tokyo’s
intervention. In Australia, the seasonally adjusted unemployment
rate rose to 4.1%, despite an increase of approximately 50,000
jobs.
European markets show mixed performance as they await the
European Central Bank’s interest rate decision. Markets predict the
central bank will keep interest rates stable; however, investors
are looking for indications on future monetary policy directions.
The automotive and oil and gas sectors lead gains, while technology
continued to fall. Among individual stocks, Volvo
(TG:8JO1) stands out with an 8.4% increase after reporting record
profit.
On Wednesday, U.S. stocks had a mixed performance, with
geopolitical concerns and a profit warning from
ASML (NASDAQ:ASML) leaving the mood cautious. The
Dow Jones rose 0.59%, the S&P 500 fell 1.39%, while the Nasdaq
plummeted 2.77%, impacted by the possibility of stricter U.S. trade
rules against China. The Philadelphia Semiconductor Index fell 7%.
Meta Platforms (NASDAQ:META) dropped 5.6%,
Nvidia (NASDAQ:NVDA) fell 6.6%, Advanced
Micro Devices (NASDAQ:AMD) plunged more than 10%, and
other companies in the sector also closed lower.
The “Magnificent Seven” big tech companies faced a record drop
of $1.13 trillion in market capitalization over the past five
sessions, reflecting a strong investor exit.
Nvidia and others like Meta
Platforms led the daily losses, highlighting a continuing
market rotation.
On the economic front, the Commerce Department reported that
housing starts rose 3.0% and building permits increased 3.4% in
June. A separate report from the Federal Reserve indicated that
U.S. industrial production increased by 0.6% in June, more than
expected.
Regarding quarterly earnings reports on Thursday,
TSMC (NYSE:TSM), Nokia (NYSE:NOK), Infosys (NYSE:INFY), Domino’s
Pizza (NYSE:DPZ), Cintas (NASDAQ:CTAS), DR
Horton (NYSE:DHI), Abbott (NYSE:ABT), Blackstone (NYSE:BX), KeyCorp (NYSE:KEY), Alaska
Airlines (NYSE:ALK), and more will report before the
market opens.
After the close, numbers are expected from
Netflix (NASDAQ:NFLX), Intuitive
Surgical (NASDAQ:ISRG), PPG
Industries (NYSE:PPG), OceanFirst
(NASDAQ:OCFC), AAR Corp (NYSE:AIR),
Resources Connection (NASDAQ:RGP), SB
Financial (NASDAQ:SBFG), Alpine Income
Property Trust (NYSE:PINE), Metropolitan
Commercial Bank (NYSE:MCB), Marten
Transport (NASDAQ:MRTN), among others.
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