U.S. Index Futures Dip Amid Wall Street Anxiety; Oil Prices Decline
May 22 2024 - 6:38AM
IH Market News
U.S. index futures started Wednesday with a slight decline in
pre-market trading, with an air of anticipation due to the imminent
results from Nvidia (NASDAQ:NVDA) and after the S&P 500 and
Nasdaq indices reached record highs the previous day.
At 6:29 AM, Dow Jones futures (DOWI:DJI) fell 47 points, or
0.12%. S&P 500 futures declined by 0.13%, and Nasdaq-100
futures lost 0.09%. The 10-year Treasury yield stood at 4.441%.
In the commodities market, West Texas Intermediate crude for
July dropped 1.18%, to $77.73 per barrel. Brent crude for July fell
1.13%, near $81.94 per barrel. Iron ore traded on the Dalian
exchange rose 2.7%, to $127.22 per metric ton.
On Wednesday’s economic agenda, the U.S. Department of Commerce
will release April’s existing home sales data at 10 AM.
Subsequently, at 10:30 AM, the Department of Energy (DoE) will
present last week’s oil stock positions.
European markets are operating lower, influenced by UK
inflation, which hit 2.3% in April, surpassing the forecast of
2.1%. This data lowered expectations of interest rate cuts by the
Bank of England in the summer, with the probability of a June cut
dropping to 13%.
Asia-Pacific markets showed mixed performance. China’s Shanghai
index rose 0.02%, defying the general downtrend seen in other
markets. In Japan, the Nikkei 225 closed down 0.85%, despite a
slight increase in business sentiment as shown by the
non-industrial Reuters Tankan index, which reached +26.
Additionally, Japan demonstrated a 2.7% increase in machinery
orders compared to the previous year, above expectations, and a
significant rise in exports, though the country registered a
larger-than-expected trade deficit.
In South Korea, the Kospi index fell 0.03%, while Hong Kong’s
Hang Seng lost 0.2% at the close. Australia had a stable close with
the S&P/ASX 200, and in New Zealand, the S&P/NZ50 rose
0.14% after the Central Bank kept the monetary rate unchanged at
5.5%, justifying the measure as necessary to control inflation.
On Tuesday, the S&P 500 and Nasdaq reached new records after
closing up 0.22% and 0.25%, respectively. Meanwhile, the Dow Jones
rose 0.17% to 39,872.99 points. Volatility prevailed as investors
reassessed the market’s strength. The expectation of interest rate
cuts by the Federal Reserve boosted gains despite uncertainty from
divergent comments. Individual stocks, like
Peloton (NASDAQ:PTON) and
AutoZone (NYSE:AZO), showed significant movements,
while tobacco and banks performed positively.
Quarterly reports are scheduled before the market opens from
Target (NYSE:TGT), Pinduoduo
(NASDAQ:PDD), TJX (NYSE:TJX),
Williams-Sonoma (NYSE:WSM), Analog
Devices (NASDAQ:ADI), Dorian LPG
(NYSE:LPG), Arbe Robotics (NASDAQ:ARBE),
Golden Ocean (NASDAQ:GOGL), and
Walkme (NASDAQ:WKME), among others.
After the close, investors await numbers from
Nvidia (NASDAQ:NVDA), Snowflake
(NYSE:SNOW), Synopsys (NASDAQ:SNPS), VF
Corp (NYSE:VFC), Elf Beauty (NYSE:ELF),
Agora Inc. (NASDAQ:API), Grupo
Supervielle (NYSE:SUPV), LiveRamp
Holdings (NYSE:RAMP), Star Bulk Carriers
(NASDAQ:SBLK), and more.
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