U.S. index futures rose in Tuesday’s pre-market as investors
anticipate key corporate earnings. Reports from companies like
Pfizer (NYSE:PFE), McDonald’s
(NYSE:MCD), and later Alphabet (NASDAQ:GOOGL),
AMD (NASDAQ:AMD), and Visa
(NYSE:V) are on investors’ radars.
At 4:41 AM, Dow Jones futures (DOWI:DJI) were up 4 points, or
0.01%. S&P 500 futures gained 0.10%, while Nasdaq-100 futures
advanced 0.17%. The 10-year Treasury yield stood at 4.306%.
In commodities, West Texas Intermediate crude for December rose
0.82%, reaching $67.92 per barrel, while Brent for December
increased 0.78%, to $71.97 per barrel.
Oil prices slightly rebounded after a 6% drop in the previous
session, supported by the U.S.’s intention to replenish the
Strategic Petroleum Reserve (SPR).
The U.S. plans to purchase up to 3 million barrels of oil for
the Strategic Reserve by May 2025, but the government will need
additional congressional funding for further acquisitions. This
buyback aims to restock after selling 180 million barrels in 2022,
while the Department of Energy collaborates with lawmakers to
prevent scheduled sales and reduce the impact on strategic
reserves.
Global demand concerns still pressure the market, while attacks
between Israel and Iran, targeting military sites, have not
affected oil infrastructure. Tensions remain high, yet a temporary
stability is expected.
Gold (PM:XAUUSD) neared a record, rising 0.6% to $2,751.07 per
ounce, with investors awaiting crucial economic data ahead of the
next Federal Reserve decision. Rate cut expectations favor the
non-yielding metal, and safe-haven demand has grown amid the U.S.
presidential race, supporting gold’s gains.
Today’s U.S. economic agenda includes the September S&P
Case-Shiller home price index for 20 cities at 9 a.m. At 10 a.m.,
the October consumer confidence index is expected at 99.2, up from
the prior 98.7. September’s job openings data is also due at the
same time, with an expectation of 7.9 million, slightly down from 8
million.
Asia-Pacific markets mostly closed higher. Japan’s Nikkei 225
rose 0.77%, South Korea’s Kospi gained 0.21%, Australia’s ASX 200
climbed 0.34%. In Hong Kong, the Hang Seng rose 0.35% near session
end, while China’s CSI 300 dropped 1%.
The Biden administration is finalizing rules, effective January
2, restricting U.S. investments in AI, semiconductors, and quantum
technology in China to safeguard national security. This measure,
based on a 2023 executive order, prevents U.S. expertise and
capital from advancing China’s military.
ByteDance founder Zhang Yiming now tops China’s rich list with
$49.3 billion, surpassing Zhong Shanshan, whose fortune dropped 24%
to $47.9 billion. ByteDance boosted Zhang’s wealth
with $110 billion in revenue.
In Japan, the government coalition’s loss of majority suggests
increased spending, complicating potential interest rate hikes. The
Liberal Democratic Party (LDP) will seek alliances, notably with
parties advocating for tax cuts and subsidies, to maintain
stability. Political uncertainty challenges the Bank of Japan’s
interest rate strategy as yen weakening and U.S. policies pressure
new economic measures.
Japan’s September unemployment rate dropped to 2.4%, down from
2.5% in August and below Reuters’ 2.5% forecast.
European markets opened higher on Tuesday, with investors
assessing recent earnings reports and anticipating Germany’s GfK
consumer confidence data.
On Monday, U.S. stocks edged higher after a strong start and a
day of fluctuations, driven by declining oil prices. The Dow Jones
gained 0.7%, the Nasdaq rose 0.3%, and the S&P 500 also
increased 0.3%. With no significant economic data that day,
investors awaited crucial upcoming data like the jobs and inflation
reports, which could impact the Fed’s rate decisions, alongside
quarterly reports from major tech names.
In quarterly earnings, results are expected from
SoFi (NASDAQ:SOFI), PayPal (NASDAQ:PYPL), BP (NYSE:BP), McDonald’s (NYSE:MCD), Pfizer (NYSE:PFE), Royal
Caribbean
Group (NYSE:RCL), JetBlue (NASDAQ:JBLU), Crocs (NASDAQ:CROX), Tenet
Health (NYSE:THC) and Enterprise
Products Partners (NYSE:EPD) before the open.
After the close, results are anticipated from
AMD (NASDAQ:AMD), Alphabet (NASDAQ:GOOGL), Snap
Inc. (NYSE:SNAP), Chipotle (NYSE:CMG), Visa (NYSE:V), First
Solar (NASDAQ:FSLR), Reddit (NYSE:RDDT), Qorvo (NASDAQ:QRVO), Chubb (NYSE:CB)
and Enovix (NASDAQ:ENVX), among
others.
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