U.S. Futures Slide Amid Netflix Results, Microsoft and CrowdStrike Outages, Oil Prices Head for Second Week of Losses
19 Julho 2024 - 7:02AM
IH Market News
U.S. stock futures are trending down in pre-market trading this
Friday, as investors monitor Netflix‘s results and
service disruptions at Microsoft (NASDAQ:MSFT) and
CrowdStrike (NASDAQ:CRWD). Other factors
influencing the market include the recent rotation favoring indices
like the Dow and Russell 2000, but penalizing major tech stocks,
affecting the S&P 500 and Nasdaq. Additionally, the
anticipation surrounding major companies’ earnings reports and
political uncertainty related to the campaigns of Donald Trump and
Joe Biden are increasing volatility and contributing to market
downturns.
As of 5:30 AM, Dow Jones futures (DOWI:DJI) fell by 129 points,
or 0.31%. S&P 500 futures lost 0.24%, and Nasdaq-100 futures
declined by 0.34%. The yield on the 10-year Treasury notes was at
4.197%.
In the commodities market, oil prices are heading for a second
consecutive week of losses. Concerns over global demand have
outweighed the impact of a drop in U.S. oil inventories and the
potential for a Fed interest rate cut in September. Additionally,
two major oil tankers collided and caught fire near Singapore,
resulting in two crew members being hospitalized and others rescued
by lifeboats. The incident occurred 55 km from Pedra Branca island,
involving the tankers Hafnia Nile and Ceres I. All crew members
were accounted for.
Iron ore futures prices fell over the week, affected by lack of
stimuli from China and weak steel demand. On the Dalian Commodity
Exchange, the most traded September contract closed down 2.54% from
the previous week. In Singapore, the August iron ore also fell,
marking the biggest weekly drop since June. High stock levels at
Chinese ports and low land sales indicate weak demand and strong
supply, while recent Chinese policies have not brought significant
changes, increasing economic uncertainties.
West Texas Intermediate crude for August fell 0.18% to $82.67 a
barrel. Brent crude for September dropped 0.04%, near $85.11 a
barrel. The most traded iron ore contract on the Dalian Commodity
Exchange (DCE) dropped 0.19% to $110.72 per metric ton.
Asia-Pacific markets had a predominantly down Friday. Japan’s
Nikkei 225 fell 0.16%, while Hong Kong’s Hang Seng dropped 2.02%.
In South Korea, the Kospi was down 1.02%, but the Kosdaq rose
0.76%. Taiwan’s weighted index fell 2.26% and Australia’s
S&P/ASX 200 closed down 0.81%. China’s CSI 300 and the Shanghai
Composite recorded gains of 0.51% and 0.17%, respectively.
Inflation in Japan remained at 2.8% in June, but core inflation
rose to 2.6%, below the expected 2.7%. The Japanese central bank is
not expected to raise interest rates in July, aiming to support
growth. In the tech sector, shares of semiconductor companies in
Asia fell, including significant drops for Samsung
Electronics and Taiwan Semiconductor Manufacturing
Company.
European markets are down, influenced by the recent decision by
the European Central Bank (ECB) to keep interest rates steady. All
sectors were impacted, especially travel and leisure and mining.
The ECB decided not to change interest rates, keeping them at the
same level after a reduction in June. Additionally, ECB officials
expressed the expectation that inflation would continue to exceed
the target set until next year.
On Thursday, U.S. stocks showed a lack of direction before
experiencing significant selling pressure throughout the session.
As a result, the Nasdaq and S&P 500 extended the sharp losses
recorded in the previous session. The Dow Jones fell 533.06 points,
or 1.29%, to 40,665.02 points. The S&P 500 slid 43.68 points,
or 0.78%, to 5,544.59 points. The Nasdaq dropped 125.70 points, or
0.70%, to 17,871.22 points.
In economic indicators, U.S. initial jobless claims rose to
243,000, above analysts’ expectations of 230,000. The Conference
Board reported a 0.2% drop in the leading economic index in June,
less than the expected 0.3% decrease.
On the earnings report front for Thursday, before the market
opens, American
Express (NYSE:AXP), Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Travelers (NYSE:TRV), Comerica (NYSE:CMA), Fifth
Third Bancorp (NASDAQ:FITB), Regions
Financial
Corp (NYSE:RF), Autoliv (NYSE:ALV), Badger
Meter (NYSE:BMI), Wipro (NYSE:WIT),
and more will report.
The Travelers Companies (NYSE:TRV)
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