U.S. Futures Edge Higher Ahead of Key Economic Data Release, Oil Prices See Modest Declines
February 15 2024 - 6:35AM
IH Market News
On Thursday morning, U.S. index futures indicate a modestly
positive opening, in anticipation of the release of important
economic indicators from the retail and industrial sectors.
At 05:55 AM, the futures for the Dow Jones (DOWI:DJI) rose by 50
points, or 0.13%. The S&P 500 futures increased by 0.09%, and
the Nasdaq-100 futures went up by 0.07%. The yield on 10-year
Treasury notes was at 4.228%.
In the commodities market, the West Texas Intermediate crude oil
for March fell by 0.59%, to $76.19 per barrel. Brent crude for
April dropped by 0.60%, near $81.11 per barrel.
The U.S. economic agenda is filled with important indicators
that could influence market expectations.
Starting at 08:30 AM, data on weekly unemployment insurance
claims will be released, with the LSEG consensus anticipating about
220,000 requests, reflecting the current labor market conditions.
At the same time, attention will turn to January’s retail sales,
with an expected slight monthly decrease of 0.1%, which may signal
consumers’ willingness to spend amidst an uncertain economic
landscape. January’s import prices will also be announced, offering
insights into external inflationary pressures.
At 09:15 AM, January’s industrial production will be revealed,
with the LSEG consensus projecting modest growth of 0.3%,
indicative of the health of the industrial sector. Finally, at 10
AM, December’s business inventories will be published, providing a
view on the balance between supply and demand in the business
sector.
At Wednesday’s close, U.S. stocks saw a turnaround, with indices
recovering some of the earlier losses. The Nasdaq led the gains,
while the Dow Jones rose by 0.40% and the S&P 500 gained 0.96%.
The recovery reflected the search for buying opportunities, despite
inflation concerns. The technology sector led the rebound, while
individual stocks like Lyft (NASDAQ:LYFT) and
Robinhood (NASDAQ:HOOD) recorded significant
gains. On the other hand, Akamai Technologies
(NASDAQ:AKAM) saw its shares plunge after reporting revenues below
expectations. The computer hardware and tobacco sectors showed
strength, pushing the market upward.
Asian markets presented mixed results, with the highlight being
Japan’s Nikkei 225, which rose by 1.21%, surpassing 38,000 points
for the first time since 1990. This achievement comes amid news
that Japan lost its position as the world’s third-largest economy
to Germany, after entering a technical recession. South Korea’s
Kospi experienced a slight decline, the Shanghai stock exchange
remained closed for a holiday, while Hong Kong’s Hang Seng and
Australia’s ASX 200 rose by 0.41% and 0.77%, respectively.
European markets are showing gains as investors assess the UK’s
fourth-quarter GDP and monitor corporate earnings. The British
economy contracted by 0.3% at the end of 2023, leading the country
into a technical recession after a negative revision of
third-quarter growth.
For Thursday’s quarterly earnings front, financial reports are
scheduled to be presented by Crocs (NASDAQ:CROX),
John Deere (NYSE:DE), Yeti
(NYSE:YETI), Wendy’s (NASDAQ:WEN), Penn
National Gaming (NASDAQ:PENN), Oatly
(NASDAQ:OTLY), InterDigital (NASDAQ:IDCC), among
others, before the market opens.
After the close, results from Draftkings
(NASDAQ:DKNG), Coinbase (NASDAQ:COIN),
Roku (NASDAQ:ROKU), TheTradeDesk
(NASDAQ:TTD), Applied Materials (NASDAQ:AMAT),
DoorDash (NYSE:DASH), Opendoor
Technologies (NASDAQ:OPEN), Toast
(NYSE:TOST), Agnico Eagle Mines (NYSE:AEM), and
more, are expected.
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