US Index Futures Rise Amid Earnings Season Optimism, Oil Prices Rebound
07 Agosto 2024 - 6:49AM
IH Market News
US index futures rose in pre-market trading on Wednesday
following a recovery that ended a three-day losing streak. Analysts
question the sustainability of this rebound, predicting continued
volatility but highlighting opportunities in the earnings season,
with major reports from companies like Disney and CVS Health on the
horizon.
At 4:42 AM, Dow Jones futures (DOWI:DJI) rose 221 points or
0.56%. S&P 500 futures gained 0.80%, and Nasdaq-100 futures
advanced 0.94%. The 10-year Treasury yield stood at 3.929%.
In the commodities market, oil prices recovered due to rising
tensions in the Middle East, though weak demand limited gains. West
Texas Intermediate crude for September rose 0.33% to $73.44 per
barrel. Brent crude for October rose 0.27% to near $76.69 per
barrel.
In the US economic calendar for Wednesday, the June consumer
credit report will be released at 2 PM ET. The market projects an
increase of $9.7 billion in consumer credit, representing a
slowdown from the $11.3 billion increase seen the previous
month.
Asia-Pacific markets extended their gains on Wednesday. The
Nikkei 225 rose 1.19%, closing at 35,089.62. Hong Kong’s Hang Seng
grew 1.3% to 16,866.51, and China’s Shanghai Composite rose 0.09%.
South Korea’s Kospi rose 1.83% to 2,568.41, led by
Samsung (KOSPI:005930), which saw its shares rise
3.03% after positive news about its HBM3E chips. Australia’s
S&P/ASX 200 increased 0.25%, closing at 7,699.8.
Bank of Japan Deputy Governor Shinichi Uchida assured that the
bank would not raise interest rates while markets are unstable. His
comments calmed reactions and strengthened the yen, emphasizing the
need for caution and continuous monitoring.
In July, Japan reduced its holdings of foreign bonds by about
$17 billion, suggesting the government may have sold these bonds to
fund currency intervention. The country spent ¥5.5 trillion ($38.1
billion) to support the yen.
In China, July export growth slowed to 7%, below the 9.7%
expected, due to tariffs and weak external demand. Imports
increased by 7.2%, driven by anticipation of US chip restrictions.
Analysts foresee more pressure on Chinese factories in the coming
months.
Goldman Sachs (NYSE:GS) analysts predict that
China’s production surplus will decrease in the coming years,
except for electric vehicles and steel. Sectors like lithium
batteries and solar modules may adjust production, but the surplus
for EVs and steel is expected to persist until 2028.
European markets are up, driven by the global recovery after
Monday’s fall. The banking and healthcare sectors show divergences,
with banks rising while healthcare falls. However,
Puma (TG:PUM) and Novo Nordisk
(TG:NOV) shares fell -13.7% and 4.3%, respectively, due to
disappointing financial results and forecast revisions.
In Germany, industrial production grew by 1.4% in June,
surpassing the 1% estimate, driven by cars and electrical
equipment. However, exports fell 3.4%, and other economic
indicators were disappointing. The Bundesbank expects slow
improvement in industrial activity and slightly better economic
growth in the third quarter. The UK’s Halifax House Price Index
data is awaited.
On Tuesday, US stocks closed higher, recovering from three days
of losses, with investors buying at reduced prices and reacting
positively to corporate earnings news. The Dow Jones rose 0.76%,
the S&P 500 advanced 1.04%, and the Nasdaq grew 1.03%. The
Commerce Department reported a reduction in the June trade deficit
to $73.1 billion, while the Atlanta Fed raised its GDP growth
projection to 2.9%. Uber (NYSE:UBER) shares soared
11%, and Caterpillar (NYSE:CAT) shares rose
3%.
For Wednesday’s quarterly reports before market open,
Walt Disney (NYSE:DIS), Emerson
Electric (NYSE:EMR), Sony Group
Corporation (NYSE:SONY), Lyft (NASDAQ:LYFT), Shopify (NYSE:SHOP), Novo
Nordisk (NYSE:NVO), CVS
Health (NYSE:CVS), Global
Payments (NYSE:GPN), Aurora
Cannabis (NASDAQ:ACB), Icahn Enterprises
L.P. (NASDAQ:IEP), MannKind (NASDAQ:MNKD), Oscar
Health (NYSE:OSCR), Dynatrace (NYSE:DT), DNOW (NYSE:DNOW), ACM
Research (NASDAQ:ACMR), ODP
Corporation (NASDAQ:ODP), Brink’s
Company (NYSE:BCO), and more will report.
After the market closes, numbers are expected from
Sarepta
Therapeutics (NASDAQ:SRPT), HubSpot (NYSE:HUBS), Occidental
Petroleum (NYSE:OXY), Robinhood
Markets (NASDAQ:HOOD), Fastly (NYSE:FSLY), SolarEdge
Technologies (NASDAQ:SEDG), Magnite (NASDAQ:MGNI),
AppLovin (NASDAQ:APP), Digital
Turbine (NASDAQ:APPS), Energy Transfer
LP (NYSE:ET), Dutch
Bros (NYSE:BROS), Aspen
Aerogels (NYSE:ASPN), Coeur D’Alene
Mines Corp. (NYSE:CDE), among others.
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