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U.S. Futures Present Mixed Pre-Market Performance, Oil Prices Surge

Fernanda T
Latest News
May 28 2024 7:31AM

U.S. index futures are showing mixed performance in pre-market trading this Tuesday, as investors await the inflation data to be released throughout the week for a better understanding of market prospects.

At 6:38 AM, Dow Jones futures (DOWI:DJI) dropped 37 points, or 0.09%. S&P 500 futures rose 0.12%, and Nasdaq-100 futures gained 0.27%. The 10-year Treasury yield stood at 4.465%.

In the commodities market, West Texas Intermediate crude for July rose 1.65% to $79.00 per barrel. Brent crude for July increased by 0.28%, near $83.33 per barrel. Iron ore traded on the Dalian exchange fell 2.11% to $113.57 per metric ton.

On Tuesday’s economic agenda, the March S&P Case/Shiller index will be released at 9 AM. Then, at 10 AM, the Conference Board will publish the May consumer confidence index. Minneapolis Federal Reserve President Neel Kashkari will participate in an event at 9:55 AM. At 1 PM, Federal Reserve members Mary Daly and Lisa Cook will participate in a panel.

European markets are trading without clear direction as investors weigh the possibility of a rate cut in June by the European Central Bank (ECB). On Monday, two key policymakers supported this view, increasing speculation that the ECB might act before the Federal Reserve (Fed), which has been more cautious in assessing the inflation trajectory.

Asian markets closed lower in an uneventful session, as New York stock markets remained closed yesterday. The Shanghai SE index (China) fell 0.46%, Nikkei (Japan) declined 0.11%, Hang Seng (Hong Kong) edged down 0.03%, Kospi (South Korea) dropped 0.01%, and ASX 200 (Australia) decreased by 0.28%.

U.S. stocks showed a strong recovery on Friday, led by the Nasdaq, which hit a new record high of 16,920.94 points, rising 1.10%. The Dow Jones posted modest gains, closing up just 0.01%, while the S&P 500 advanced 0.70%, reaching 5,304.72 points. The recovery came as investors took advantage of lower stock prices, reacting to Thursday’s heavy sell-off amid mixed economic data on durable goods orders and U.S. consumer sentiment.

Scheduled to report quarterly earnings before the market opens are Scotiabank (NYSE:BNS), Futu (NASDAQ:FUTU), Danaos Corp (NYSE:DAC), Diana Shipping Inc. (NYSE:DSX), Icecure Medical Ltd (NASDAQ:ICCM), Nano-X Imaging (NASDAQ:NNOX), BioLineRx (NASDAQ:BLRX), Golar LNG (NASDAQ:GLNG), Hello Group (NASDAQ:MOMO), among others.

After the close, results are expected from Cava (NYSE:CAVA), Heico (NYSE:HEI), Digital Turbine (NASDAQ:APPS), Box (NYSE:BOX), Joyy (NASDAQ:YY), Ooma (NYSE:OOMA), Cosan (NYSE:CSAN), and more.