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U.S. Stock Index Futures Point to a Rebound, Oil See Declines in Early Trading

Fernanda T
Latest News
March 27 2024 6:57AM

U.S. index futures indicate an uptrend in pre-market trading on Wednesday, bouncing back after a previous unfavorable session that further distanced the indices from reaching their record levels.

At 05:57 AM, Dow Jones futures (DOWI:DJI) rose 145 points, or 0.37%. S&P 500 futures advanced 0.34%, and Nasdaq-100 futures gained 0.36%. The 10-year Treasury yield was at 4.24%.

In the commodities market, West Texas Intermediate crude oil for May fell 0.91% to $80.88 per barrel. Brent crude oil for May dropped 0.88% to around $85.49 per barrel. Iron ore traded on the Dalian exchange fell 3.53% to $111.43 per metric ton, the lowest since March 19th.

On Wednesday’s economic calendar, the highlight is the announcement of U.S. oil inventories up to last Friday, scheduled for 10:30 AM by the Department of Energy (DoE).

Asian markets showed mixed behaviors on Wednesday, reflecting the complexity of regional and global economic influences. In Japan, the Nikkei 225 and the Topix showed resilience, registering gains of 0.9% and 0.66%, respectively, despite the yen reaching its lowest valuation in nearly three and a half decades against the dollar.

China, on the other hand, showed mixed signals with an increase in industrial profits, although the CSI 300 retreated, suggesting caution among investors. In Hong Kong, the Hang Seng followed this negative trend. Meanwhile, Australia experienced a slight increase in inflation, which could pressure the central bank to reconsider its stance on interest rates, as reflected in the modest progress of the S&P/ASX 200. South Korea presented a more stable picture, with the Kospi registering a slight decline and the Kosdaq retracting a bit more.

Amid these dynamics, the technology sector received a boost with Foxconn investing in Indigo Technologies, highlighting the continued innovation and collaboration in electric vehicles in the region.

In Europe, the stock market landscape shows mixed results, with the Stoxx 600 index displaying a slight pullback, reflecting investor caution. The retail sector shows remarkable vigor, partly driven by the impressive performance of Swedish retailer H&M, which saw a 12% increase in shares after results that exceeded analysts’ expectations for the fiscal first quarter’s operating profit. Conversely, the travel sector faces challenges.

Inflation in Spain and consumer confidence in France generated mixed feelings in the market. In the automotive sector, Renault announced the sale of up to 2.5% of its shares in Nissan, a strategic move within a broader restructuring of the alliance between the manufacturers.

U.S. stocks had a volatile day on Tuesday, initially rising but ending negative, affected by economic concerns following an incident at the Port of Baltimore. The Dow Jones, S&P 500, and Nasdaq closed down by 0.08%, 0.28%, and 0.42%, respectively, with sectors like computer networks and energy experiencing notable declines. Mixed economic data and a slight drop in consumer confidence also influenced the market.

For the quarterly earnings front, scheduled to present financial reports before the market opens are Carnival Corp (NYSE:CCL), EDAP TMS (NASDAQ:EDAP), Tsakos Energy Navigation Ltd (NYSE:TNP), Syros Pharmaceuticals (NASDAQ:SYRS), Altimmune Inc. (NASDAQ:ALT), Cintas Corp. (NASDAQ:CTAS), Paychax (NASDAQ:PAYX), Gamida Cell (NASDAQ:GMDA), Land’s End (NASDAQ:LE), Ree Automotive (NASDAQ:REE), among others.

After the close, numbers from RH (NYSE:RH), Jefferies Financial (NYSE:JEF), Urban-Gro (NASDAQ:UGRO), Braze Inc (NASDAQ:BRZE), Plby Group (NASDAQ:PLBY), Verint Systems (NASDAQ:VRNT), H.B. Fuller Company (NYSE:FUL), Greenidge Generation Holdings (NASDAQ:GREE), Franklin Covey (NYSE:FC), Sprinklr Inc (NYSE:CXM), and more are awaited.