U.S. index futures edged higher in premarket trading on Tuesday,
recovering from pressure on tech stocks that impacted the S&P
500 and Nasdaq Composite the previous day. The Dow Jones, after
closing at a new record high on Monday, continues to attract
attention. Investors eagerly await Nvidia’s earnings this week,
which are crucial for the performance of the tech and AI sectors,
while expectations of imminent rate cuts by the Federal Reserve
bolster market optimism.
As of 4:48 AM ET, Dow Jones futures (DOWI:DJI) rose 39 points or
0.09%. S&P 500 futures gained 0.13%, and Nasdaq-100 futures
advanced 0.22%. The 10-year Treasury yield stood at 3.835%.
The U.S. economic agenda includes the release of the S&P
Case-Shiller home price index for 20 cities at 9:00 AM ET, covering
June, with a previous value of 6.8%. At 10:00 AM, the consumer
confidence index for August will be released, with a median
forecast of 100.5, compared to the prior 100.3.
In the commodities market, oil prices retreated after rising
more than 7% over the previous three sessions. This increase was
driven by supply concerns due to Middle East tensions and potential
shutdowns in Libya. Although prices have recently risen, the
current pause reflects a wait for further developments, such as the
Libyan production halt and geopolitical risks.
West Texas Intermediate crude for October fell 0.61% to $76.95
per barrel, while Brent for October declined 0.43% to $81.08 per
barrel.
Gold prices (PM:XAUUSD) decreased 0.20%, to $2,510.885 per
ounce, below the record $2,531.60 reached on August 20.
Asia-Pacific markets closed mixed on Tuesday. Japan’s Nikkei 225
and Topix rose 0.47% and 0.73%, respectively. South Korea’s Kospi
fell 0.32%, and the Kosdaq lost 0.24%. In Australia, the
S&P/ASX 200 dropped 0.16% after attempting to reach an all-time
high. Mainland China’s CSI 300 closed down 0.57%. In Hong Kong, the
Hang Seng rose 0.4% in the final hour of trading.
In July, China’s industrial profits grew by 4.1% year-on-year,
following a 3.6% increase in June, driven by high technology
despite weak domestic demand. From January to July, profits
increased by 3.6%. The recovery faces challenges, with domestic
demand and the external environment still uncertain.
Stephen Jen of Eurizon SLJ Capital predicts that Chinese
companies could sell up to $1 trillion in dollar-denominated assets
if the Fed cuts interest rates. This could boost the yuan by up to
10%. The yuan, currently at 7.12 per dollar, could rise further if
the People’s Bank of China does not intervene.
Colin Huang, former CEO of PDD Holdings
(NASDAQ:PDD), lost his position as China’s richest person after a
29% drop in the company’s stock, resulting in a $14.1 billion loss
in one day. Huang, now China’s fourth billionaire with $35.2
billion, saw his fortune sharply decrease due to disappointing
financial results and intensified competition in the sector.
The Bank of Japan will conduct surveys on wage growth and
economic outlooks between September and June, involving about 1,500
companies. Wage data may be included in the tankan survey in the
future. The change follows interest rate hikes aimed at achieving
the 2% inflation target with solid wage growth.
European markets are trading higher, with a positive focus on
the mining sector, while retail and technology are underperforming.
British markets reopened after a bank holiday, and Hungary’s
central bank is expected to announce its interest rate
decision.
In Germany, the economy contracted by 0.1% in the second
quarter. Capital investment fell 2.2%, and private consumption
decreased by 0.2%. Government spending rose by 1%. Despite a strong
start to the year, the industrial sector faces challenges with weak
external demand and high borrowing costs. The Ifo survey revealed a
continued decline in business expectations, while the Bundesbank
projects modest growth in the third quarter.
Prices in British stores fell 0.3% in August compared to the
previous year, marking the first annual drop since October 2021.
The British Retail Consortium survey shows a 1.5% drop in non-food
prices, the biggest decline in three years, while food prices rose
2.0%, slowing from July. The Bank of England projects CPI inflation
to be around 2.75% by year-end, before hitting the 2% target in
2026.
On Monday, the major U.S. indices had mixed performance, with
the Dow Jones rising 0.16% to 41,240.52 points, driven by gains
from 3M Co. (NYSE:MMM), Coca-Cola
(NYSE:KO), and Walt Disney (NYSE:DIS). The Nasdaq,
however, fell 0.85% due to weakness in semiconductor stocks,
including Nvidia (NASDAQ:NVDA), which dropped
2.3%. Crude oil prices increased, boosting energy stocks. Durable
goods orders surged 9.9% in July after a 6.9% decline in June, with
transportation equipment soaring 34.8%. Excluding transportation,
orders fell 0.2%.
Ahead of the market open,
Scotiabank (NYSE:BNS), Allot (NASDAQ:ALLT), BMO (NYSE:BMO), ScanSource (NASDAQ:SCSC), REX
American Resources
Corporation (NYSE:REX), Hain
Celestial (NASDAQ:HAIN), Cadeler (NYSE:CDLR), CNFinance (NYSE:CNF),
among others, will report earnings.
After the close,
SentinelOne (NYSE:S), PVH (NYSE:PVH), Box
Inc (NYSE:BOX), nCino (NASDAQ:NCNO), Ambarella (NASDAQ:AMBA), Nordstrom (NYSE:JWN), Semtech (NASDAQ:SMTC), Ooma (NYSE:OOMA), Joyy
Inc (NASDAQ:YY), VNET (NASDAQ:VNET),
and more are expected to release their numbers.
3M (NYSE:MMM)
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