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U.S. Index Futures Mixed Ahead of Key PPI Inflation Data Release, Oil Prices Decline

Fernanda T
Latest News
June 13 2024 7:18AM

U.S. index futures are mixed in pre-market trading this Thursday, with the S&P 500 above 5,400 points. Investors are awaiting new inflation data and analyzing the recent Federal Reserve decision on interest rates, as well as a lower-than-expected consumer inflation reading for May.

At 6:42 AM, Dow Jones (DOWI:DJI) futures fell 134 points, or 0.35%. S&P 500 futures advanced 0.06%, and Nasdaq-100 futures gained 0.57%. The 10-year Treasury yield stood at 4.308%.

In the commodities market, West Texas Intermediate crude oil for July fell 0.80% to $77.87 per barrel. Brent crude for August fell 0.68% to around $82.04 per barrel. Iron ore traded on the Dalian exchange rose 0.93% to $112.66 per metric ton.

On Thursday’s economic calendar, the Labor Department will release the May producer price index (PPI) numbers at 08:30 AM. Analysts polled by LSEG expect the PPI to have risen 0.1% last month. Concurrently, the Labor Department will release data on unemployment insurance claims for the week ending last Saturday.

European markets are trading in the red, with the automotive sector leading losses, down 2.2%, reaching its lowest level in four months.

Asian markets had a mixed performance, with investors awaiting tomorrow’s interest rate decision from the Bank of Japan (BoJ). The BoJ is unlikely to raise rates again, as it did nearly three months ago. However, it faces significant challenges, with the Japanese economy under pressure due to the persistent appreciation of the dollar against the yen. The Shanghai SE (China) fell 0.28%, the Nikkei (Japan) declined 0.40%, while the Hang Seng Index (Hong Kong) rose 0.97%, the Kospi (South Korea) advanced 0.98%, and the ASX 200 (Australia) gained 0.44%.

On Wednesday, U.S. stocks experienced an initial rally driven by lower-than-expected consumer inflation data, followed by volatility after the Federal Reserve’s monetary policy announcement. The consumer price index remained unchanged in May, while the Fed kept interest rates unchanged but indicated only one rate cut this year. The Dow Jones closed down 35.21 points, while the S&P 500 and the Nasdaq reached new closing records, rising 0.85% and 1.53%, respectively.

Scheduled to report quarterly earnings before the market opens are Signet Jewelers (NYSE:SIG), Korn/Ferry (NYSE:KFY), LoveSac (NASDAQ:LOVE), John Wiley & Sons Inc (NYSE:WLY), among others.

After the close, results are expected from Adobe (NASDAQ:ADBE) RH (NYSE:RH), RF Industries (NASDAQ:RFIL), High Tide (NASDAQ:HITI), Iteris (NASDAQ:ITI), and more.