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U.S. Futures Show Mixed Trends Ahead of May Retail Sales Data, Oil Prices Edge Lower

Fernanda T
Latest News
June 18 2024 7:04AM

U.S. index futures show mixed behavior in pre-market trading this Tuesday, following a day of gains on Wall Street. Investors are adjusting their positions in response to expectations of forthcoming economic data releases.

As of 6:31 AM, Dow Jones futures (DOWI:DJI) dropped by 5 points, or 0.01%. S&P 500 futures advanced by 0.07%, and Nasdaq-100 futures gained 0.25%. The 10-year Treasury note yield stood at 4.294%.

In the commodities market, West Texas Intermediate crude for July fell by 0.24% to $80.14 per barrel. Brent crude for August decreased by 0.21%, trading near $82.07 per barrel. Oil prices had advanced in the previous session amid expectations of stronger demand and investor confidence that OPEC+ producers might suspend or reverse their plans to increase supply in the last quarter of the year. Iron ore traded on the Dalian exchange rose by 0.24% to $113.08 per metric ton.

On Tuesday’s economic agenda, U.S. retail sales for May will be released at 8:30 AM. Economists polled by LSEG expect a growth of 0.2% from April. Additionally, industrial production and capacity utilization for May will be announced at 9:15 AM by the Federal Reserve. Furthermore, several members of the Federal Reserve, including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, will speak at events across the country throughout the day.

European markets are showing positive performance as investors position themselves in anticipation of the Bank of England’s interest rate decision, scheduled for Thursday. The majority expect the Bank to maintain the interest rate at 5.25%. According to a Reuters survey of economists, most anticipate a rate cut as soon as August.

Most Asian markets closed the day with gains, driven by the recent rally on Wall Street. Meanwhile, investors remain focused on upcoming interest rate decisions by the Reserve Bank of Australia. Among the highlighted indices, the Shanghai SE in China rose by 0.48%, the Nikkei in Japan increased by 1.00%, the ASX 200 in Australia advanced by 1.01%, while the Kospi in South Korea grew by 0.72%. On the other hand, the Hang Seng in Hong Kong experienced a slight decline of 0.11%.

On Monday, U.S. stocks started directionless but rose throughout the day. The Dow Jones increased by 188.94 points, or 0.49%, to 38,778.10; the S&P 500 advanced by 41.63 points, or 0.77%, to 5,473.23; and the Nasdaq jumped by 168.14 points, or 0.95%, to 17,857.02. On the economic front, the New York Fed reported that local industrial activity contracted in June at a slower rate, with the business conditions index rising to -6.0 in June from -15.6 in May. Despite the contraction, the six-month optimism reached its highest level in over two years.

On the quarterly reports front, America’s Car-Mart (NASDAQ:CRMT), Cognyte Software (NASDAQ:CGNT), and Patterson Companies (NASDAQ:PDCO) are scheduled to report before the market opens.

KB Home (NYSE:KBH) is scheduled to report its figures after the market closes.