U.S. Index Futures Mixed in Pre-Market Tuesday, Oil Dip

U.S. index futures signal a mixed opening this Tuesday in pre-market trading, reflecting investors’ caution as they assess the latest quarterly results.

At 6:44 AM, the futures of the Dow Jones Industrial Average (DOWI:DJI) were up 66 points, or 0.17%. S&P 500 futures advanced 0.05%, and Nasdaq-100 futures fell -0.14%. The yield on 10-year Treasury notes was at 4.461%.

In the commodities market, West Texas Intermediate crude for June fell 0.38% to $78.18 per barrel. Brent crude for July dropped 0.40%, close to $83.00 per barrel. Iron ore traded on the Dalian exchange fell 0.06% to $125.07 per metric ton.

On the economic agenda this Tuesday, the market will be attentive at 11:30 AM to a speech by Neel Kashkari, President of the Minneapolis Fed. At 3:00 PM, consumer credit data for March will be released. Finally, at 4:30 PM, the API will announce weekly oil inventories.

European markets are trending higher today, driven by a set of positive earnings reports and encouraging retail sector data. Notably, UBS (NYSE:UBS) surprised by reversing previous losses and reporting a quarterly net profit, causing its shares to jump 9% in morning trading. Concurrently, retail sales in the eurozone showed an increase of 0.8% in March, in line with analysts’ expectations.

Stock markets in Asia and the Pacific closed predominantly higher on Tuesday, following Wall Street’s advances. The expectation that the Federal Reserve may cut interest rates in September, amid signs of a slowdown in the U.S. job market, motivated investors. Japan’s Nikkei rose 1.57%, South Korea’s Kospi was up 2.16%, Australia’s ASX 200 also performed robustly, rising 1.44%, and China’s Shanghai SE recorded an increase of 0.22%. Meanwhile, Hong Kong’s Hang Seng showed a slight retraction of -0.53%.

On Monday, U.S. stock markets witnessed a significant rise, extending the positive rally from the previous week and marking the highest closing levels in nearly a month for the major indexes. The Dow Jones advanced 0.46%, while the S&P 500 and Nasdaq gained 1.03% and 1.19%, respectively. This movement was partly motivated by more dovish comments from Federal Reserve Chairman Jerome Powell and by an employment report that came in below expectations, reducing concerns about an imminent increase in interest rates. The prospect of an interest rate cut by September seems increasingly likely for investors, with estimates pointing to a probability of 83.5%.

On the quarterly earnings front, results are scheduled to be presented before the market opens from Walt Disney (NYSE:DIS), Ferrari (NYSE:RACE), Nikola (NASDAQ:NKLA), BP plc (NYSE:BP), Celsius Holdings (NASDAQ:CELH), Datadog (NASDAQ:DDOG), Crocs (NASDAQ:CROX), Rockwell Automation (NYSE:ROK), Builders FirstSource (NYSE:BLDR), Jumia (NYSE:JMIA), among others.

After the close, earnings numbers from Arista Networks (NYSE:ANET), Wynn Resorts (NASDAQ:WYNN), Upstart (NASDAQ:UPST), Rivian Automotive (NASDAQ:RIVN), Lyft (NASDAQ:LYFT), Occidental Petroleum (NYSE:OXY), Twilio (NYSE:TWLO), Coupang (NYSE:CPNG), Confluent (NASDAQ:CFLT), Toast (NYSE:TOST), and more are expected.