Market Cautiousness Ahead of Retail Giants’ Earnings; Oil Prices Dip
February 20 2024 - 5:37AM
IH Market News
U.S. index futures signal a lower start for Tuesday’s trading
session, indicating investors’ cautious stance following the first
week of negative results in over a month. The market is
particularly attentive, eagerly anticipating quarterly earnings
reports from retail giants such as Walmart
(NYSE:WMT) and Home Depot (NYSE:HD).
As of 05:06 AM, Dow Jones futures (DOWI:DJI) dropped 73 points,
or 0.19%. S&P 500 futures fell by 0.37%, and Nasdaq-100 futures
decreased by 0.57%. The yield on 10-year Treasury notes was at
4.275%.
In the commodities market, West Texas Intermediate crude for
March fell 0.48% to $78.81 per barrel. Brent crude for April
dropped 0.83% to around $82.87 per barrel.
The U.S. economic agenda for Tuesday starts at 10:00 AM, with
the Conference Board’s release of the Leading Economic Index for
January.
On Friday, the Dow Jones fell by 0.37%, closing at 38,627.99
points, while the S&P 500 retreated by 0.48% to 5,005.57
points. The Nasdaq was the most affected, with a decrease of 0.82%,
ending at 15,775.65 points. This came after the announcement that
U.S. producer prices rose by 0.3% in January, exceeding
expectations of a 0.1% increase. The core producer price index,
excluding food, energy, and trade services, saw a significant rise
of 0.6% in January, surpassing December’s 0.2% growth. This
scenario contributed to a cautious market environment, with
investors reassessing Federal Reserve monetary policy expectations
in light of persistent inflation data.
Asian markets closed without a clear direction, reflecting
caution and assessment by investors after the People’s Bank of
China adjusted its loan rate policy, reducing the basic rate for
five years but keeping others unchanged. The CSI 300 and Hang Seng
saw modest gains, while the Nikkei and Kospi experienced declines,
indicating varied reactions to central bank decisions and overall
economic conditions.
European markets showed mixed performance, reflecting a
generally negative trend among sectors, especially with mining
stocks falling. In contrast, chemical stocks performed positively.
Notably, Barclays (LSE:BARC) experienced a
significant increase after announcing a major operational overhaul,
standing out on a predominantly unfavorable market day.
Scheduled to present financial reports before the market opens
on Tuesday are Walmart (NYSE:WMT), The
Home Depot (NYSE:HD), Medtronic
(NYSE:MDT), Barclays (NYSE:BCS),
Axsome (NASDAQ:AXSM), Dana
(NYSE:DAN), Armstrong (NYSE:AWI),
Fluor (NYSE:FLR), KBR (NYSE:KBR),
among others.
After the market closes, reports are expected from Palo
Alto Networks (NASDAQ:PANW), SolarEdge
(NASDAQ:SEDG), Realty Income (NYSE:O),
Teladoc Health (NYSE:TDOC),
Enovix (NASDAQ:ENVX), Caesars
Entertainment (NASDAQ:CZR), Diamondback
Energy (NASDAQ:FANG), Neo Genomic
(NASDAQ:NEO), Toll Brothers (NYSE:TOL),
Medifast (NYSE:MED), and more.
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