US Stock Futures Stable in Pre-Market On Path for Consecutive Quarterly Gains, Oil Prices Rise
March 28 2024 - 7:42AM
IH Market News
U.S. index futures are nearly unchanged in pre-market trading
this Thursday. The indexes are on track to close the second
consecutive quarter with positive outcomes, in addition to marking
the fifth consecutive month of gains.
At 07:04 AM, Dow Jones futures (DOWI:DJI) dropped 6 points, or
0.01%. S&P 500 futures retreated 0.03%, and Nasdaq-100 futures
lost 0.04%. The yield on 10-year Treasury bonds was at 4.218%.
In the commodities market, West Texas Intermediate crude oil for
May rose 1.17% to $82.30 a barrel. Brent crude oil for May
increased 1.06% to around $87.00 a barrel. Iron ore traded on the
Dalian exchange fell 0.85% to $104.84 per metric ton.
During this quarter, the S&P 500 exhibited exceptional
performance, achieving remarkable growth of about 10%, which puts
it on track to reach its most significant first-quarter gain since
the impressive 13.1% increase observed in 2019. Meanwhile, the Dow
Jones, with a 5.5% increase in the same period, is on the verge of
having its best start of the year since the 7.4% jump in 2021. The
Nasdaq also stood out, with a substantial increase of 9.3% over the
quarter, reinforcing the positive atmosphere currently permeating
the stock market.
Thursday’s economic agenda brings valuable data, including
unemployment insurance claims at 8:30 AM, followed by the third
estimate of the fourth-quarter GDP. Later, at 10:00 AM, the revised
March consumer sentiment index by the University of Michigan and
Thomson Reuters, and at the same time, February’s pending home
sales by the Department of Commerce, will be released.
Asian markets closed mixed, reflecting varied sentiments among
investors. In China, optimism boosted the Shanghai Stock Exchange,
which rose 0.59%, after statements from Xi Jinping about trade ties
with the US. In contrast, Japan’s Nikkei fell 1.46%, affected by
ex-dividend traded stocks. Hong Kong’s Hang Seng index advanced
0.91%, while South Korea’s Kospi dropped 0.34%. The Australian ASX
200 reached a new all-time high, with an increase of 0.99%.
European stock exchanges are trading higher, despite economic
challenges. The release of the British GDP, showing a recession
with a 0.3% contraction in the last quarter of 2023, did not shake
investor optimism, who also considered the slight increase in
employment in Germany in February. Moreover, there are expectations
around the business and consumer confidence indexes in Italy.
On Wednesday, US stock indexes had a predominantly positive
close after fluctuations during the session. Highlights included
the Dow Jones and S&P 500, which advanced 1.22% and 0.86%,
respectively, ending a three-day streak of declines. The Nasdaq
rose 0.51% on the day. This movement was supported by traders’
willingness to take advantage of lower prices, as well as optimism
about interest rate prospects, influenced by recent Federal Reserve
statements. Sectors such as gold and utilities also stood out,
reflecting a market in search of opportunities amidst a cautious
scenario with upcoming economic data.
On the earnings front, companies scheduled to present financial
reports before market open include Walgreens Boots Alliance
(NASDAQ:WBA), Hut 8 Mining Corp (NASDAQ:HUT), Azul (NYSE:AZUL),
Gold Royalty Corp (AMEX:GROY), MSC Industrial Direct (NYSE:MSM),
Iterum Therapeutics (NASDAQ:ITRM), Atour Lifestyle Holdings
(NASDAQ:ATAT), BRP Inc (NASDAQ:DOOO), Consolidated Water
(NASDAQ:CWCO), D-Wave Quantum (NYSE:QBTS), among others.
After the close, the numbers from Energous Corporation
(NASDAQ:WATT), Vuzix Corporation (NASDAQ:VUZI), Zevra Therapeutics
(NASDAQ:ZVRA), Oxford Industries (NYSE:OXM), Planet Labs (NYSE:PL),
Semtech Corporation (NASDAQ:SMTC), Sharecare Inc (NASDAQ:SHCR),
Emeren Group (NYSE:SOL), Surf Air Mobility (NYSE:SRFM), Daré
Bioscience (NASDAQ:DARE), and more are awaited.
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