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U.S. Futures Mixed, Oil Futures Up

Fernanda T
Latest News
January 29 2024 1:11AM

In the pre-market of this Monday, U.S. index futures are showing a mixed trend as Wall Street prepares for the release of mega-cap company earnings and eagerly awaits the Federal Reserve’s monetary policy decision later this week.

At 05:32 AM, Dow Jones futures (DOWI:DJI) fell 35 points, or 0.09%. S&P 500 futures rose 0.01%, and Nasdaq-100 futures advanced 0.17%. The yield on 10-year Treasury bonds stood at 4.097%.

In the commodities market, West Texas Intermediate crude oil for March increased by 0.10% to $78.09 per barrel. Brent crude oil for March rose by 0.18%, nearing $83.70 per barrel. Iron ore with a 62% concentration, traded on the Dalian Exchange, rose by 1.06% to $139.27 per metric ton.

Asian markets mostly recorded gains, although they were shaken by the liquidation request of China Evergrande, one of China’s largest real estate developers, by the Hong Kong court. The court ordered the liquidation of the company due to its inability to reach an agreement with its creditors, leading Evergrande’s shares to drop by more than 20% during the morning session. This raised concerns and slightly impacted the indices, with the Shanghai SE falling by 0.92%, while the Nikkei, Hang Seng, Kospi, and ASX 200 rose by 0.77%, 0.78%, 0.89%, and 0.30%, respectively.

European markets are showing a mixed performance after ending last week at their highest levels since January 2022, as reported by LSEG. This rise was in response to positive corporate results in the fourth quarter and increased speculation that the European Central Bank will begin interest rate reductions from April onwards.

At the previous market close, U.S. index futures showed mixed performance, with the Dow Jones setting a new record, while the S&P 500 and Nasdaq experienced slight declines. This was amidst disappointing results from Intel (NASDAQ:INTC) and a slowdown in consumer price growth rate, sparking speculation about possible rate cuts by the Federal Reserve. American Express (NYSE:AXP) stood out positively with optimistic forecasts, reflecting the complexity of the economic situation. Despite the mixed performance on Friday, all indices rose last week. While the S&P 500 was up 1.1%, the Nasdaq advanced 0.9%, and the Dow increased by 0.7%.

For this Monday’s quarterly earnings front, financial reports are scheduled to be presented by Sofi Technologies (NASDAQ:SOFI), Franklin Templeton (NYSE:BEN), Alliance Resource Partners (NASDAQ:ARLP), Philips (NYSE:PHG), Ryanair (NASDAQ:RYAAY), among others, before the market opens. After the close, numbers from Super Micro Computer (NASDAQ:SMCI), Cleveland-Cliffs (NYSE:CLF), Nucor (NYSE:NUE), Whirlpool (NYSE:WHR), and more are awaited.