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U.S. Futures Climb Amid High Expectations for Inflation Data; Global Markets Show Mixed Reactions

Fernanda T
Latest News
May 13 2024 7:10AM

U.S. index futures show an upward trend in Monday’s pre-market following the best week of the year for the Dow Jones. With Wall Street on alert, the market eagerly awaits the release of new inflation data expected this week.

At 6:22 AM, Dow Jones futures (DOWI:DJI) rose 30 points, or +0.08%. S&P 500 futures advanced 0.11%, and Nasdaq-100 futures gained 0.20%. The yield on 10-year Treasury bonds was at 4.483%.

In the commodities market, West Texas Intermediate crude for June rose 0.38%, to $78.55 per barrel. Brent crude for July increased by 0.28%, near $83.02 per barrel. Iron ore traded on the Dalian exchange rose 2.42%, to $122.75 per metric ton.

European markets are mixed on Monday, reflecting an uncertain outlook. Investors are particularly focused on upcoming U.S. inflation data, which could significantly influence monetary policy decisions and affect global markets. European bank stocks reached a nine-year high, hitting 202, driven by a promising earnings season. Meanwhile, Maersk (TG:DP4A) saw its shares jump despite concerns over disruptions in the Red Sea. In contrast, Siemens Energy (TG:ENR) fell, adjusting expectations after revising its outlook for 2024.

Stock markets in Asia and the Pacific had mixed results in the last session, reflecting a variety of regional and international economic influences. In China, the Shanghai index fell by 0.21%, impacted by recent inflation and credit data that fueled concerns about the country’s economic health. Additionally, increased trade tensions with the United States, especially regarding the possible imposition of tariffs on clean energy products such as electric vehicles, also weighed on the market. In Japan, the Nikkei closed slightly down by 0.13%, while the Hang Seng index in Hong Kong rose by 0.80%. In South Korea, the Kospi saw a marginal decrease of 0.02% and, in Australia, the ASX 200 closed with a modest gain of 0.01%.

On Friday, U.S. stocks rose but soon lost direction, ending the day mixed. The Dow Jones recorded an increase for the eighth consecutive session, rising 0.32%. The S&P 500 saw a slight increase of 0.16%. Meanwhile, the Nasdaq remained stable, falling just 5.40 points, or 0.03%, to 16,340.87 points. A report from the University of Michigan revealed a significant drop in consumer sentiment in May, with the index falling to 67.4 from 77.2 in April, well below the forecast of 76.0. Inflation expectations for the next year also increased, reaching 3.5%, the highest level since last November, indicating potential future challenges in controlling inflation. Last week, the Nasdaq rose 1.1%, while the S&P 500 and Dow advanced 1.9% and 2.2%, respectively.

Scheduled to present quarterly reports before market opening are Legend Biotech (NASDAQ:LEGN), Tencent Music Entertainment (NYSE:TME), Bitfarms (NASDAQ:BITF), Huya (NYSE:HUYA), Central Puerto (NYSE:CEPU), Fortrea Holdings (NASDAQ:FTRE), D Wave Quantum (NYSE:QBTS), Vitru Ltd (NASDAQ:VTRU), Burford Capital Limited (NYSE:BUR), among others.

After the close, earnings from Petrobras (NYSE:PBR), StoneCo (NASDAQ:STNE), Terawulf (NASDAQ:WULF), Paysafe (NYSE:PSFE), QuickLogic (NASDAQ:QUIK), Vaxart (NASDAQ:VXRT), Bioceres Crop Solutions (NASDAQ:BIOX), Agilysys (NASDAQ:AGYS), Intelcorp Financial Services (NYSE:IFS, and more are expected.