U.S. Futures and Global Markets Climb Amid Sustained Optimism
May 10 2024 - 7:56AM
IH Market News
U.S. futures are trading higher in pre-market this Friday, after
the Dow Jones extended its streak of gains to seven sessions
yesterday.
As of 7:05 AM, Dow Jones futures (DOWI:DJI) were up 100 points,
or +0.25%. S&P 500 futures advanced 0.32%, and Nasdaq-100
futures gained 0.41%. The yield on 10-year Treasury notes was at
4.465%.
In the commodities market, West Texas Intermediate crude for
June rose 0.78% to $79.88 per barrel. Brent crude for July
increased 0.67%, reaching around $84.44 per barrel. Iron ore traded
on the Dalian Exchange rose 0.34% to $120.90 per metric ton.
On this Friday’s economic calendar, the University of Michigan
and Thomson Reuters will present the preliminary reading of the
Michigan/Reuters consumer sentiment index for May at 10 AM. Later,
at 2 PM, the U.S. Treasury Department will release the country’s
budget for April.
European markets are up, driven by the economic recovery of the
United Kingdom, which has emerged from a recession, as indicated by
the latest Gross Domestic Product (GDP) data. The figures released
this Friday show that the UK GDP grew 0.6% in the first quarter,
surpassing the analysts’ expectations who had projected an
expansion of 0.4%. This news marks a positive turn after the UK
faced a mild recession in the second half of 2023.
Stock markets in Asia and the Pacific have risen, influenced by
contagious optimism from Wall Street, where investors are feeding
expectations of possible interest rate cuts in the United States.
Notably, Hong Kong’s Hang Seng index stood out with a jump of
2.30%, reaching 18,963.68 points — its highest level since August
of the previous year. This increase was further motivated by news
reported by Bloomberg, suggesting that China could exempt
individual investors from taxes on dividends from stocks acquired
through the ‘Stock Connect’ program with Hong Kong. Other indices
in the region also recorded gains, such as the Shanghai SE in
China, with a modest increase of 0.01%, the Nikkei in Japan,
growing 0.41%, the Kospi in South Korea, advancing 0.57%, and the
ASX 200 in Australia, rising 0.35%.
On Thursday, the Dow Jones extended its run of gains to seven
days. The indices Dow Jones, S&P 500, and Nasdaq rose 0.9%,
0.5%, and 0.3%, respectively. Investors responded positively to a
report from the Department of Labor that showed an unexpected
increase in unemployment insurance claims, suggesting a possible
interest rate cut by the Federal Reserve. For the week ending May
4, claims rose to 231,000, an increase of 22,000 from the previous
week, exceeding economists’ expectations who had projected an
increase to only 210,000. This level is the highest since the
234,000 claims registered in the week ending August 26.
Scheduled to present quarterly reports this morning are
Enbridge (NYSE:ENB), Inspired
Entertainment (NASDAQ:INSE), DigitalOcean
Holdings (NYSE:DOCN), CRH plc (NYSE:CRH),
Soho House (NYSE:SHCO), Sphere
(NYSE:SPHR), Hawaiian Electric Industries
(NYSE:HE), AMC Networks (NASDAQ:AMCX), among
others.
DigitalOcean (NYSE:DOCN)
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