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U.S. Futures Display Mixed Results Amid Earnings, WTI and Brent Crude Prices Dip in June Futures Trading

Fernanda T
Latest News
April 24 2024 7:31AM

U.S. index futures are showing mixed results in pre-market trading this Wednesday, as investors assess the latest financial results released.

As of 6:31 AM, Dow Jones Industrial Average futures (DOWI:DJI) fell 8 points, or 0.02%. S&P 500 futures advanced 0.14%, and Nasdaq-100 futures gained 0.56%. The 10-year U.S. Treasury yield stood at 4.638%.

In the commodities market, West Texas Intermediate crude for June fell 0.44% to $82.99 per barrel. Brent crude for June dropped 0.36% to around $88.10 per barrel. Iron ore traded on the Dalian exchange rose 3.08% to $122.55 per metric ton.

On Wednesday’s economic agenda, investors are awaiting the 8:30 AM release of the U.S. Commerce Department’s March durable goods orders data. Subsequently, at 10:30 AM, the U.S. Department of Energy (DoE) will provide the position of oil inventories up to the previous Friday.

European markets are performing positively, driven by recent advances in both Asian markets and Wall Street.

Asian markets closed predominantly higher on Wednesday, spurred by a positive performance on Wall Street, which recorded gains for the second consecutive day on Tuesday. The rise in New York stock exchanges was motivated by weaker U.S. economic indicators, specifically the weak PMIs, which fueled expectations that the Federal Reserve might accelerate interest rate cuts. This prospect stimulated risk appetite among investors. Major Asian indices reflected this trend: the Shanghai Stock Exchange (Shanghai SE) advanced 0.76%, Japan’s Nikkei surged a significant 2.42%, Hong Kong’s Hang Seng grew 2.21%, and South Korea’s Kospi increased 2.01%. On the other hand, Australia’s ASX 200 remained virtually stable, with a slight decline of 0.01%.

U.S. stocks closed higher on Tuesday, boosted by optimism over corporate earnings and the interest rate outlook. The Dow Jones rose 0.69%, the S&P 500 advanced 1.20%, and the Nasdaq gained 1.59%. Investors eagerly awaited Tesla’s (NASDAQ:TSLA) quarterly results after market close, which reported earnings of $1.13 billion, or $0.45 per share. Another highlight of the day was Globe Life (NYSE:GL), which led the S&P 500 gainers with a 13.5% rise.

On the quarterly earnings front, scheduled to present reports before market open are Boeing (NYSE:BA), AT&T (NYSE:T), Humana (NYSE:HUM), Vertiv Holdings (NYSE:VRT), General Dynamics (NYSE:GD), Boston Scientific (NYSE:BSX), Hilton (NYSE:HLT), M/I Homes (NYSE:MHO), Amphenol (NYSE:APH), among others.

After the market closes, the numbers from Vale SA (NYSE:VALE), Meta Platforms (NASDAQ:META), IBM (NYSE:IBM), Ford Motor (NYSE:F), Chipotle Mexican Grill (NYSE:CMG), Servicenow (NYSE:NOW), Lam Research (NASDAQ:LRCX), Celestica Inc (NYSE:CLS), Viking Therapeutics (NASDAQ:VKTX), Align Technology (NASDAQ:ALGN), and more, will be awaited.