U.S. Index Futures Rise in Pre-Market, Oil Prices Dip Slightly
April 23 2024 - 7:26AM
IH Market News
U.S. index futures saw a rise in pre-market trading this
Tuesday, sustaining the positive momentum observed in the previous
session. The S&P 500 broke a six-day losing streak the day
before, driven by a significant recovery in the technology
sector.
At 6:33 AM, Dow Jones futures (DOWI:DJI) rose 69 points, or
0.19%. S&P 500 futures advanced 0.26%, and Nasdaq-100 futures
gained 0.34%. The yield on 10-year Treasury notes was at
4.615%.
In the commodities market, West Texas Intermediate crude oil for
June fell 0.12%, to USD 81.80 per barrel. Brent crude for June
dropped 0.05%, near USD 86.96 per barrel. Iron ore traded on the
Dalian exchange fell 1.91% to USD 117.15 per metric ton.
On Tuesday’s economic agenda, investors await at 09:45 AM the
release of the S&P Global preliminary reading of the Purchasing
Managers’ Index (PMI) for April. Additionally, at 10:00 AM, the
Department of Commerce will publish data on new home sales for
March.
European markets opened with strong optimism this Tuesday,
evidenced by a 0.6% increase in the Stoxx 600 index. This favorable
climate was especially influenced by the exceptional performance of
the UK’s FTSE 100, which recorded its intraday high. Now, all eyes
are on the disclosure of financial results from the region’s major
banks.
Asian stock markets maintained an upward trajectory since
Monday’s session, driven by a recovery in the technology sector on
Wall Street and a series of positive economic indicators in the
region. Highlighting this, data from S&P Global revealed that
Australia’s composite PMI reached its highest level in two years,
marking 53.6 in April, up from 53.3 in March. This growth was also
observed in Japan and India, where business activity expansion
rates accelerated during the same period. Regarding market
performance, China’s Shanghai SE index slightly retreated, falling
0.74%, while Japan’s Nikkei rose modestly by 0.30%. On the other
hand, Hong Kong’s Hang Seng saw a significant gain of 1.92%,
followed by more moderate increases in South Korea’s Kospi and
Australia’s ASX 200, which rose 0.24% and 0.45%, respectively.
U.S. stocks advanced on Monday, particularly driven by the
technology sector and a wave of bargain hunting after recent
losses. Reduced tensions in the Middle East also strengthened
investors’ spirits. The Dow Jones grew 0.67%, while the S&P 500
and Nasdaq recorded gains of 0.87% and 1.11%, respectively.
Concerns decreased about a possible larger conflict in the Middle
East after calculated exchanges of attacks between Iran and
Israel.
For the quarterly earnings front, reports are scheduled to be
presented before the market opens from General
Motors (NYSE:GM), United Parcel Service
(NYSE:UPS), Lockheed Martin (NYSE:LMT),
General Electric (NYSE:GE),
Pepsico (NASDAQ:PEP), Spotify
(NYSE:SPOT), Freeport McMoRan (NYSE:FCX),
RTX (NYSE:RTX), Jetblue
(NASDAQ:JBLU), Halliburton (NYSE:HAL), among
others.
After the close, numbers from Tesla
(NASDAQ:TSLA), Visa (NYSE:V), Enphase
Energy (NASDAQ:ENPH), Texas Instruments
(NASDAQ:TXN), Steel Dynamics (NASDAQ:STLD),
Seagate (NASDAQ:STX), Chubb
(NYSE:CB), Baker Hughes (NASDAQ:BKR),
Weatherford (NASDAQ:WFRD), EQT
Corporation (NYSE:EQT), and more, will be awaited.
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