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U.S. Index Futures Edge Slightly Higher in Pre-Market Trading, Oil Prices Dip

Fernanda T
Latest News
May 20 2024 6:59AM

U.S. index futures showed a slight uptick in Monday’s pre-market, buoyed by the Dow Jones closing above the significant 40,000 point mark for the first time the previous week.

At 6:16 AM, Dow Jones futures (DOWI:DJI) rose 13 points, or 0.03%. S&P 500 futures advanced 0.10%, and Nasdaq-100 futures gained 0.18%. The 10-year Treasury yield stood at 4.422%.

In the commodities market, June West Texas Intermediate crude oil fell 0.40%, to $79.74 per barrel. Brent crude for July fell 0.26%, near $83.76 per barrel. Iron ore traded on the Dalian exchange rose 1.07%, to $123.68 per metric ton.

European markets showed a slight increase on Monday, highlighted by shares of Keywords Studios (LSE:KWS), which jumped 63% after EQT confirmed talks to acquire the company, offering a significant premium over the previous closing price. Meanwhile, shares of Ryanair (LSE:0RYA) fell 0.5% despite reporting record profits, reflecting concerns over fuel costs and delayed deliveries from Boeing (NYSE:BA).

Stock markets in Asia and the Pacific started the week on a high, driven by economic stimulus measures in China. Stock exchanges in the region reacted positively to recent policies from Beijing aimed at revitalizing its real estate sector, following years of crisis. In the latest announcement, the Chinese government did not hesitate to present an ambitious plan, while the central bank kept its main interest rates, the LPRs, stable, with the 5-year rate continuing to be the reference for mortgages. The optimism was reflected in the main indices of the continent: Shanghai SE in China registered an increase of 0.54%, Nikkei in Japan advanced 0.73%, Hang Seng in Hong Kong rose 0.42%, Kospi in South Korea grew 0.64%, and ASX 200 in Australia had a slight increase of 0.02%.

U.S. stocks had mixed performance on Friday, with the Dow Jones closing above the 40,000 point mark for the first time. The index rose 134.21 points, an increase of 0.34%. Meanwhile, the S&P 500 advanced 0.12% and the Nasdaq retreated 0.07%. Despite positive economic data raising hopes for a reduction in interest rates, statements from the Federal Reserve tempered market optimism.

Scheduled to present quarterly reports before the market opens are Li Auto (NASDAQ:LI), Ryanair Holdings (NASDAQ:RYAAY), Wix (NASDAQ:WIX), Global-E Online (NASDAQ:GLBE), Compugen (NASDAQ:CGEN), Nexxen International (NASDAQ:NEXN), Arqit Quantum (NASDAQ:ARQQ), Star Equity Holdings (NASDAQ:STRR), among others.

After the close, investors await the numbers from Palo Alto Networks (NASDAQ:PANW), Zoom (NASDAQ:ZM), Ctrip (NASDAQ:TCOM), James Hardie (NYSE:JHX), Nordson (NASDAQ:NDSN), Keysight Technologies (NYSE:KEYS), Transcat (NASDAQ:TRNS), Hesai (NASDAQ:HSAI), Beam Global (NASDAQ:BEEM), and more.