U.S. Index Futures Show Mixed Trend Ahead of Key Inflation Data Release, Oil Prices Edge Higher
April 10 2024 - 7:15AM
IH Market News
U.S. index futures are showing a mixed trend in Wednesday’s
pre-market trading. Investors are eagerly awaiting fundamental US
inflation data, which should provide crucial insights into the
Federal Reserve’s future interest rate policy direction.
As of 6:31 AM, Dow Jones futures (DOWI:DJI) rose by 37 points,
or 0.09%. S&P 500 futures fell by 0.01%, and Nasdaq-100 futures
lost 0.06%. The yield on 10-year Treasury bonds was at 4.362%.
In the commodities market, West Texas Intermediate crude oil for
May rose by 0.23% to $85.43 per barrel. Brent crude oil for June
rose by 0.25%, close to $89.64 per barrel. Iron ore traded on the
Dalian exchange rose by 1.43% to $112.48 per metric ton.
Wednesday’s economic agenda begins with high anticipation at
8:30 AM with the United States Department of Labor publishing the
March consumer price index. Economists forecast that the monthly
inflation rate was 0.3% last month, down from 0.4% in February.
This is followed at 10 am with the Department of Commerce releasing
data on wholesale inventories for February. At 10:30 AM, the focus
shifts to the energy sector, with the Department of Energy
revealing the position of oil stocks until last Friday. At 2 PM,
the Federal Reserve will release the minutes from the last monetary
policy meeting of the Federal Open Market Committee. At the same
time, the Treasury Department will present government expenditures
and revenues for March.
European markets are showing positive performance, navigating in
high territory in the context of a global atmosphere of
anticipation for United States inflation data.
Asian markets ended the day with mixed trends, with the majority
showing negative performance, impacted by Fitch’s decision to
downgrade China’s sovereign rating outlook. This action was
motivated by growing concerns about the country’s financial health,
leading the Chinese Ministry of Finance to issue a statement,
ensuring that the national debt situation is under control.
Nonetheless, the news shook investors, who also remained cautious
in anticipation of new US inflation data. The Shanghai market and
Japan’s Nikkei recorded drops of -0.70% and -0.48%, respectively.
South Korea’s Kospi showed a variation of -0.46%. Hong Kong’s Hang
Seng stood out with an increase of +1.85%, while Australia’s ASX
200 rose by +0.31%.
The US stock market saw volatility on Tuesday, with Nasdaq and
the S&P 500 closing up by 0.14% and 0.32%, respectively, while
the Dow Jones was virtually stable at -0.02%. Anxiety dominated
investors ahead of the inflation report and the Fed minutes to be
released today, with sectors such as gold and biotechnology showing
recovery and strength, respectively.
On the quarterly results front, financial reports are scheduled
to be presented before the market opens from Delta Air
Lines (NYSE:DAL), Applied Blockchain
(NASDAQ:APLD), Theratechnologies (NASDAQ:THTX),
among others.
After the close, numbers from Rent The Runway
(NASDAQ:RENT), Richardson Electronics
(NASDAQ:RELL), Lakeland Industries (NASDAQ:LAKE),
and more are awaited.
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