U.S. Index Futures Indicate Moderate Recovery Ahead of March Employment Report Release, Oil Edges Up
April 05 2024 - 7:32AM
IH Market News
U.S. index futures indicate a moderate recovery in pre-market
trading on Friday, ahead of the release of the U.S. employment
report for March.
At 06:45 AM, Dow Jones futures (DOWI:DJI) rose 63 points, or
0.16%. S&P 500 futures advanced 0.27%, and Nasdaq-100 futures
gained 0.32%. The yield on 10-year Treasury bonds stood at
4.33%.
In the commodities market, West Texas Intermediate crude for May
rose 0.21%, to $86.77 per barrel. Brent crude for June rose 0.41%,
close to $91.02 per barrel.
On the economic agenda scheduled for Friday, the highlight is
the release of the numbers of jobs created or lost by the economy
(payroll) and the unemployment rate for March, which will be
published at 8:30 AM by the Department of Labor. Economists
currently expect employment to increase by 200,000 jobs in March,
after an increase of 275,000 jobs in February, while the
unemployment rate is expected to remain at 3.9%. In addition, at
3:00 PM, the Fed will publish data on consumer credit for
February.
Asian markets mostly closed in the red, with the Japanese Nikkei
leading losses by falling 1.96%, negatively influenced by
semiconductor sector and brokerage stocks. The South Korean Kospi
also recorded a decline of 1.01%, while the Hang Seng in Hong Kong
remained stable. Statements from the American Federal Reserve
generated concerns, affecting investor sentiment in the region. The
Shanghai SE market in China remained closed due to a holiday.
The main European stock exchanges are recording declines this
Friday, marking the end of a lackluster opening week of trading for
the new quarter. Investors digest recent information on
construction and retail sales in the euro zone, as well as updates
on housing prices in the United Kingdom. Retail sales in the
eurozone fell 0.5% in February, confirming economists’ forecasts
and extending the trend of stagnation for the third month.
Construction faced a decline in March, reflecting weaker demand. UK
house prices fell 1% in March, after five months of increases, with
a modest annual rise of 0.3%.
On Thursday, the United States stock market started strong but
faced strong pressure in the last hours, resulting in a sharply
lower close. The Dow Jones fell 1.35%, while the S&P 500 and
Nasdaq fell 1.23% and 1.40%, respectively. The decline was
influenced by the continuous increase in oil prices, raising
concerns about inflation and delay in the reduction of interest
rates by the Federal Reserve.
On the earnings front, Byrna Technologies
(NASDAQ:BYRN) and Greenbrier Companies (NYSE:GBX)
are scheduled to present financial reports.
Greenbrier Companies (NYSE:GBX)
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