Mixed Futures Amidst Quiet Economic Schedule; Oil Prices Climb
March 13 2024 - 7:03AM
IH Market News
U.S. index futures displayed varied behavior on Wednesday,
following significant gains in the previous session that led the
S&P 500 to close the day at a historic high, driven by consumer
inflation data that met expectations. With a light economic
schedule and the U.S. earnings season nearing its end,
Dollar Tree (NASDAQ:DLTR) is scheduled to reveal
its financial performance this morning while construction company
Lennar (NYSE:LEN) is expected to announce its
results at the end of the day.
At 06:27 AM, Dow Jones futures (DOWI:DJI) rose 22 points, or
0.06%. S&P 500 futures were stable, and Nasdaq-100 futures fell
0.12%. The yield on 10-year Treasury bonds was at 4.161%.
In the commodities market, West Texas Intermediate crude oil for
April rose 1.30% to $78.57 per barrel. Brent crude oil for May rose
1.25% to nearly $82.94 per barrel. Iron ore traded on the Dalian
Exchange fell 2.53% to $112.24 per metric ton.
Wednesday’s economic agenda has few highlights, but investors’
eyes will be on the U.S. Department of Energy’s oil inventory data
release at 10:30 AM.
In the U.S. political scene, Joe Biden and Donald Trump secured
enough delegates to become the presidential candidates for the
Democratic and Republican parties, respectively. Thus, both
political leaders will revisit the electoral showdown of 2020 in
the race for the presidency, promising an intense rematch in the
battle for leadership of the nation in the White House.
The Asia-Pacific stock markets had a mixed performance on
Wednesday, reflecting a diverse set of regional influences. In
China, the real estate sector returned to the spotlight, with new
concerns about the housing crisis pressuring local stocks. The
Shanghai Composite Index fell 0.40%, while the Shenzhen Composite
experienced a slight contraction of 0.11%. This scenario was
influenced by unfavorable news about real estate sales and
financial difficulties of major developers, such as Country Garden,
which failed to make a bond payment. In contrast, Tokyo’s market
saw deeper losses, with investors attentive to speculations about
possible adjustments in Japan’s monetary policy. Other markets in
the region, like South Korea and Australia, managed to post
gains.
European markets are on an upward trend, reflecting investors’
reaction to the latest U.S. inflation data and economic performance
in the United Kingdom. The UK’s Office for National Statistics
(ONS) reported that the UK’s GDP grew by 0.2% in January, in line
with experts’ projections, indicating economic resilience amidst
global challenges. However, the eurozone faced setbacks, with
January’s industrial production declining by 3.2% compared to the
previous month, a sharper contraction than the 1.5% forecasted by a
Reuters survey.
Following declines in previous sessions, U.S. stock markets
rebounded on Tuesday, with major indices closing higher. The
positive movement was influenced by an inflation report that met
expectations, generating optimism about a possible moderation in
the Federal Reserve’s monetary policy. Oracle
(NYSE:ORCL)stood out with strong performance following
better-than-expected results, and the technology sector led the
gains, while gold and related stocks retreated. The Dow Jones
advanced 0.61%. The S&P 500 rose 1.12% and Nasdaq advanced
1.54%.
In terms of quarterly earnings, Dollar Tree
(NASDAQ:DLTR), Zim Integrated Shipping Services
(NYSE:ZIM), Arcos Dorados (NYSE:ARCO),
Petco (NASDAQ:WOOF), Village
Farms (NASDAQ:VFF), Williams-Sonoma
(NYSE:WSM), Vera Bradley (NASDAQ:VRA), ADC
Therapeutics (NYSE:ADCT), Silence
Therapeutics (NASDAQ:SLN), Global Indemnity
Group (NYSE:GBLI), among others, are scheduled to present
their financial reports before the market opens.
After the close, numbers from UiPath
(NYSE:PATH), SentinelOne (NYSE:S), ESS
Tech Inc (NYSE:GWH), Vroom (NASDAQ:VRM),
GrowGeneration Corp (NASDAQ:GRWG), Vaalco
Energy (NYSE:EGY), FTC Solar
(NASDAQ:FTCI), Anika (NASDAQ:ANIK), Quoin
Pharmaceuticals (NASDAQ:QNRX), Lennar
(NYSE:LEN), and more are awaited.
Lennar (NYSE:LEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lennar (NYSE:LEN)
Historical Stock Chart
From Sep 2023 to Sep 2024