U.S. Index Futures Rise Slightly as Market Eyes Fed, Earnings; Oil Prices Dip
22 Agosto 2024 - 6:38AM
IH Market News
U.S. index futures edged higher in pre-market trading on
Thursday as investors eagerly await remarks from Federal Reserve
Chairman Jerome Powell, scheduled for Friday. With the upcoming
release of jobless claims and earnings from Intuit and Ross, the
market remains cautious, especially after significant pre-market
declines in Snowflake (NYSE:SNOW) and
Urban Outfitters (NASDAQ:URBN) stocks, reflecting
the complexity of corporate results.
At 4:47 AM ET, Dow Jones (DOWI:DJI) futures rose 47 points or
0.11%. S&P 500 futures gained 0.08%, and Nasdaq-100 futures
advanced 0.06%. The yield on the 10-year U.S. Treasury note stood
at 3.822%.
On Thursday, the U.S. economic calendar includes initial jobless
claims for the week of August 17, expected at 230,000 claims
compared to the previous week’s 227,000, at 8:30 AM ET. At 9:45 AM,
U.S. services and manufacturing PMI data for August will be
released. Later, at 10:00 AM, existing home sales for July will be
announced, with a forecast of 3.95 million units, up from the
previously reported 3.89 million.
In the commodities market, wheat prices fell due to a railway
strike in Canada, affecting grain transportation.
Oil prices declined on concerns about global demand, despite
U.S. crude stock drawdowns. Revised employment reports and weak
economic data from China contributed to the drop, while the market
fears that OPEC+ might reverse its production cuts.
West Texas Intermediate crude for October fell 0.22% to $71.77
per barrel, while Brent for October dropped 0.03% to $76.03 per
barrel.
Asia-Pacific markets were mixed on Thursday. Japan’s Nikkei 225
rose 0.68%, and the Topix advanced 0.25%, driven by business
expansion in August. South Korea’s Kospi grew 0.24%, but the Kosdaq
fell 0.82%. China’s CSI 300 declined 0.26%. Australia’s S&P/ASX
200 gained 0.21%, supported by improved services activity. In Hong
Kong, the Hang Seng was up 1.33% in the final hour of trading.
The Bank of Korea kept its interest rate at 3.50% for the 13th
consecutive meeting, prioritizing inflation control. Despite
growing calls for rate cuts, the decision was in line with
economists’ expectations.
In Japan, the industry shrank in August due to weak demand, but
the decline was smaller, while the services sector grew, indicating
optimism. The manufacturing PMI rose to 49.5, still below 50, and
the services PMI increased to 54.0. Price pressures and labor
constraints persist.
In China, offshore creditors of Evergrande may recover funds if
they prove the company owes money to its onshore subsidiaries,
according to Reuters. Although they rank lower, they might have a
better chance of receiving payments if the restructuring reveals
outstanding debts.
European markets started Thursday slightly higher as investors
await signals from the Federal Reserve on future interest rate
moves. Additionally, UK and EU Purchasing Managers’ Index data will
be released, along with financial results from insurers
Swiss Re (TG:SR9) and Aegon
(EU:AGN), (NYSE:AEG). Bavarian Nordic (TG:BV3)
reported better-than-expected profits and announced a record mpox
vaccine order from an unidentified European country. Second-quarter
revenue was $213 million, with an operating profit of $60
million.
U.S. stocks rose on Wednesday, with the Nasdaq and S&P 500
recording their ninth gain in ten sessions. The Dow Jones advanced
55.52 points, or 0.14%, to 40,890.49 points, while the S&P 500
gained 23.73 points, or 0.42%, to 5,620.85. The Nasdaq added 102.05
points, or 0.57%, to 17,918.99.
The positive close followed the release of the Fed’s minutes,
which reinforced expectations of a rate cut in September. The
minutes revealed that most members support a cut, provided
inflation remains as expected. Labor market data showed the U.S.
economy created 818,000 fewer jobs than initially reported between
March 2023 and March 2024, reflecting 0.5% weaker growth.
In the upcoming quarterly earnings reports,
Baidu (NASDAQ:BIDU), OSI
Systems (NASDAQ:OSIS), Peloton (NASDAQ:PTON), Advance
Auto Parts (NYSE:AAP), BJ’s Wholesale
Club (NYSE:BJ), Williams-Sonoma (NYSE:WSM), Canadian
Solar (NASDAQ:CSIQ), NetEase
Games (NASDAQ:NTES), TD
Bank (NYSE:TD), Viking
Holdings (NYSE:VIK), and others will report before
the market opens.
After the close,
CAVA (NYSE:CAVA), Workday (NASDAQ:WDAY), Bill.com (NYSE:BILL), Intuit (NASDAQ:INTU), Ross
Stores (NASDAQ:ROST), Red
Robin (NASDAQ:RRGB), Macro
Bank (NYSE:BMA), American
Software (NASDAQ:AMSWA), and more are expected to
report numbers.
Baidu (NASDAQ:BIDU)
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