U.S. Index Futures Dip, Bank of England Holds Interest Rates at 5.25%
May 09 2024 - 7:47AM
IH Market News
U.S. index futures are trading lower in pre-market trading on
Thursday, halting momentum after the Dow Jones had closed higher
for six consecutive sessions, the longest winning streak of 2024
for the index so far.
As of 7:05 AM, Dow Jones futures (DOWI:DJI) fell 81 points, or
-0.21%. S&P 500 futures fell -0.20%, and Nasdaq-100 futures
lost -0.25%. The yield on 10-year Treasury bonds stood at
4.512%.
In the commodities market, West Texas Intermediate crude for
June rose 0.87%, to $79.68 per barrel. Brent crude for July rose
0.78%, near $84.23 per barrel. Iron ore traded on the Dalian
exchange fell 1.65%, to $119.76 per metric ton.
On the economic agenda for this Thursday, the release of
unemployment insurance claims for the week ended last Saturday is
scheduled for 8:30 AM by the Department of Labor.
European markets are showing mixed performance in today’s
session. The Bank of England kept interest rates at 5.25% after the
May meeting, with a 7-2 vote against reduction. Despite signs of
persistent inflation, the market expects cuts starting in June, and
three or more cuts in 2024, in response to the forecast drop in
inflation due to reduced energy prices.
Stock markets in Asia and the Pacific closed mixed. In mainland
China and Hong Kong, the markets recorded notable gains, driven by
a surprisingly positive performance in China’s foreign trade. The
real estate and semiconductor sectors played a crucial role in this
rise, benefiting from the strength of recent economic indicators.
Specifically, China’s exports in April showed an annual growth of
1.5%, a result that exceeded expectations, especially after a
significant drop in the previous month. Additionally, an 8.4%
increase in imports signaled a more robust domestic demand than
expected. In contrast, the Nikkei in Japan and the Kospi in South
Korea ended the day with losses of -0.34% and -1.20%,
respectively.
Wall Street exhibited mixed performance on Wednesday. While the
Dow Jones advanced 0.44% for the sixth consecutive day, reaching
its highest level in more than a month, the S&P 500 closed flat
while the Nasdaq fell 0.18%. The president of the Minneapolis
Federal Reserve, Neel Kashkari, contributed to the instability by
suggesting that interest rates might remain high for an extended
period. However, the expectation is still for a possible rate cut
in the third quarter, with the CME Group’s FedWatch tool currently
indicating an 83.5% chance that rates will be lower by
September.
Scheduled to present quarterly reports before the market opens
are Roblox (NYSE:RBLX), Warner Bros
Discovery (NASDAQ:WBD), Viatris
(NASDAQ:VTRS), Canadian Solar (NASDAQ:CSIQ),
Cronos Group (NASDAQ:CRON),
Sundial (NASDAQ:SNDL), Constellation
Energy (NASDAQ:CEG), Plug Power
(NASDAQ:PLUG), GigaCloud Technology (NASDAQ:GCT),
Medical Property Trust (NYSE:MPW), among
others.
After the close, the numbers from Unity
Software (NYSE:U), CleanSpark
(NASDAQ:CLSK), SoundHound (NASDAQ:SOUN),
Marathon Digital (NASDAQ:MARA),
Vuzix (NASDAQ:VUZI), RCI Hospitality
Holdings (NASDAQ:RICK), Blink
(NASDAQ:BLNK), ADMA Biologics (NASDAQ:ADMA),
Indie Semiconductor (NASDAQ:INDI),
CaliberCos (NASDAQ:CWD), and more will be
awaited.
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