U.S. Futures Rebound Amid Global Market Fluctuations, Oil Prices Decline
April 18 2024 - 7:15AM
IH Market News
U.S. index futures are rising in pre-market trading on Thursday,
following four consecutive days of losses for the S&P 500 and
Nasdaq.
As of 6:27 AM, Dow Jones Industrial Average futures (DOWI:DJI)
were up 68 points, or 0.18%. S&P 500 futures advanced 0.20%,
and Nasdaq-100 futures gained 0.25%. The yield on 10-year Treasury
notes was at 4.573%.
In the commodities market, West Texas Intermediate crude for May
fell 1.00%, to $81.86 per barrel. Brent crude for June dropped
1.04%, near $86.38 per barrel. Iron ore traded on the Dalian
exchange rose 3.07%, to $120.73 per metric ton.
On the U.S. economic calendar for Thursday, the highlight is the
release of unemployment insurance claims for the week ending last
Saturday, scheduled for 8:30 AM by the Department of Labor.
Simultaneously, the April industrial activity index will be
published by the Philadelphia Fed. Later, at 10 AM, the Conference
Board will release the March leading indicators index, followed by
the National Association of Realtors (NAR) releasing sales data for
used residential properties for the same month.
European markets are showing positive performance, driven by a
series of robust corporate results, which are mitigating the
effects of recent declines in electric car sales across the
European Union, which fell more than 11% last month. According to
recent data released by the European Automobile Manufacturers
Association (ACEA), there was a 5.2% reduction in new vehicle
registrations in March, marking the first decline of the year, with
sales approaching one million units.
Asian markets ended positively, overcoming a recent history of
declines, driven by bargain hunting. South Korea’s Kospi led the
gains with a rise of 1.95% in Seoul, after four sessions of losses,
while Japan’s Nikkei grew 0.31% in Tokyo, breaking a three-day
losing streak. Hong Kong’s Hang Seng and Taiwan’s Taiex also posted
increases of 0.82% and 0.43%, respectively, despite Wall Street’s
weak performance the day before.
U.S. stocks had a volatile session on Wednesday, ending lower.
The Nasdaq and the S&P 500 marked the fourth consecutive day of
losses, reaching their lowest closing levels in nearly two months.
Meanwhile, the Dow Jones saw a modest decline. The performance was
impacted by a downturn in the technology sector, especially
following disappointing results from ASML
(NASDAQ:ASML), which pressured semiconductor stocks. Additionally,
concerns about the Federal Reserve’s interest rate policy
contributed to market tension.
On the quarterly earnings front, scheduled to present reports
before trading begins are Taiwan Semiconductor
Manufacturing Company (NYSE:TSM), Nokia
(NYSE:NOK), Blackstone (NYSE:BX),
KeyCorp (NYSE:KEY), Elevance
Health (NYSE:ELV), DR Horton (NYSE:DHI),
Alaska Airlines (NYSE:ALK),
Infosys (NYSE:INFY), Texas Capital
Bank (NASDAQ:TCBI), among others.
After the close, earnings from Netflix
(NASDAQ:NFLX), Intuitive Surgical (NASDAQ:ISRG),
PPG Industries (NYSE:PPG), Western
Alliance (NYSE:WAL), Metropolitan Commercial
Bank (NYSE:MCB), Alpine Income Property
Trust (NYSE:PINE), Banco Latino-Americano de
Exportações (NYSE:BLX), SB Financial
(NASDAQ:SBFG), Provident Financial Group
(NYSE:PFS), and more are awaited.
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