US Index Futures Rise After Market Sell-off, Oil Prices Trim Losses
06 Agosto 2024 - 6:49AM
IH Market News
US index futures rose in pre-market trading on Tuesday,
signaling a recovery after one of the worst days for markets in
nearly two years. Earnings season continues, with
Palantir (NYSE:PLTR) and Lucid
Group (NASDAQ:LCID) showing strong pre-market
performances, partially easing the negative sentiment.
At 4:37 AM, Dow Jones futures (DOWI:DJI) rose 195 points or
0.50%. S&P 500 futures gained 0.80%, and Nasdaq-100 futures
advanced 0.89%. The 10-year Treasury yield was at 3.871%.
In the commodities market, oil prices trimmed earlier losses due
to supply concerns related to the growing Middle East conflict,
strong US services sector data, a slight recovery in Asian equity
markets, and a production cut at the Sharara field in Libya. West
Texas Intermediate crude for September rose 0.11% to $73.02 per
barrel. Brent crude for October fell 0.03% to near $76.28 per
barrel.
On the US economic calendar for Tuesday, the June trade deficit
will be released at 8:30 AM. Estimates point to a deficit of -$72.5
billion.
Asia-Pacific markets had strong fluctuations. Japan’s Nikkei 225
rose 10.23%, marking its biggest daily gain since 2008, following a
sharp previous drop. The Topix advanced 9.3%. South Korea’s Kospi
increased by 3.3%, and the Kosdaq rose by 6.02%. Australia’s
S&P/ASX 200 closed up 0.41%. In contrast, China’s Shanghai
Composite and Hong Kong’s Hang Seng showed little change, varying
by +0.23% and -0.15%, respectively.
In Japan, June consumer spending fell 1.4% year-over-year,
exceeding the forecasted 0.9% drop. Seasonally adjusted monthly
terms showed a 0.1% increase, below the estimated 0.2% rise.
Average income rose 3.1% and real wages increased 1.1%, indicating
more room for monetary tightening. A Japanese Labor Ministry panel
decided to raise the minimum wage by 5% to 1,054 yen ($6.85) per
hour, the largest increase on record. This adjustment aims to
stimulate inflation and wage growth, though it may negatively
impact small business profits. The new rate will be implemented in
October.
The Reserve Bank of Australia maintained the cash rate at 4.35%
and revised its 2024 growth and inflation forecasts.
European markets are trading higher, recovering from Monday’s
lows, with major sectors showing advances, particularly in travel
and leisure. Today, EU retail sales data and earnings from major
companies will be released.
Bayer (TG:BAYN) shares are down 0.6% after
reporting a 1% revenue increase to €11.14 billion, but EBITDA fell
16.5% due to challenges in the agricultural sector. The
pharmaceutical division saw positive momentum despite generic
competition. Aramco reported a net profit of $29.1 billion in Q2, a
3% year-over-year decline due to low production volumes. Half-year
profit was $56.3 billion, down from $62 billion last year. The
company maintained robust dividends and expects to pay $124.2
billion in 2024.
US stocks fell sharply on Monday, with the Nasdaq and S&P
500 hitting three-month lows. The Dow Jones plunged 2.60%, the
S&P 500 dropped 3.00%, and the Nasdaq fell 3.43%. The sell-off
was triggered by recession concerns following a disappointing jobs
report. Major tech stocks, such as Nvidia (NASDAQ:NVDA) (-6.4%) and
Apple (NASDAQ:AAPL) (-4.8%), also saw significant declines. The
services PMI index rose to 51.4 in July, indicating growth and
offering some relief to investors.
For Tuesday’s quarterly earnings releases, before the market
opens, reports are expected from Uber
Technologies (NYSE:UBER), Celsius
Holdings (NASDAQ:CELH), fuboTV (NYSE:FUBO), Caterpillar (NYSE:CAT), Baxter
International (NYSE:BAX), Vulcan
Materials Company (NYSE:VMC), Allegheny
Technologies
Incorporated (NYSE:ATI), Constellation
Energy Group (NASDAQ:CEG), Marathon
Petroleum Corp. (NYSE:MPC), Owens
Corning Inc (NYSE:OC), CLEAR
Secure (NYSE:YOU), Organon (NYSE:OGN), Duke
Energy
Corp. (NYSE:DUK), Zoetis (NYSE:ZTS), GXO
Logistics (NYSE:GXO), Yum!
Brands (NYSE:YUM), Planet
Fitness (NYSE:PLNT), Kenvue (NYSE:KVUE), Builders
FirstSource (NYSE:BLDR), and more.
After the close, numbers are expected from Wynn Resorts
Ltd (NASDAQ:WYNN), Supermicro (NASDAQ:SMCI), Rivian
Automotive (NASDAQ:RIVN), Airbnb (NASDAQ:ABNB), Devon
Energy
Corp. (NYSE:DVN), Reddit (NYSE:RDDT), GigaCloud
Technology
Inc (NASDAQ:GCT), Upstart Holdings (NASDAQ:UPST), Amgen (NASDAQ:AMGN), Axon
Enterprise (NASDAQ:AXON, AMSC (NASDAQ:AMSC), Fortinet (NASDAQ:FTNT, Illumina (NASDAQ:ILMN), VF
Corp (NYSE:VFC), Coupang (NYSE:CPNG),
among others.
NVIDIA (NASDAQ:NVDA)
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