U.S. Stock Futures Gain Ahead of Economic Insights; Oil Prices Climb
March 06 2024 - 6:02AM
IH Market News
U.S. index futures signal a higher opening after two days of
declines, with the market focusing on the ADP survey and the Fed’s
Beige Book, seeking clues about the future economy and monetary
policy.
At 05:31 AM, Dow Jones futures (DOWI:DJI) rose 92 points, or
0.24%. S&P 500 futures advanced 0.39%, and Nasdaq-100 futures
increased 0.75%. The yield on 10-year Treasury notes was at
4.162%.
In the commodities market, West Texas Intermediate crude oil for
April rose 0.96% to $78.90 a barrel. Brent crude for May rose 0.71%
to around $82.62 a barrel. Iron ore traded on the Dalian exchange
fell 0.23% to $122.44 per metric ton.
Asian markets showed mixed results, reflecting investor caution
amid current events. While mainland China had mixed performance
during its annual legislative meeting, with expectations around the
announced economic policies, including a 5% growth target for 2024,
indexes in other countries like Japan’s Nikkei and South Korea’s
Kospi recorded slight declines. In contrast, Hong Kong’s Hang Seng
stood out with a 1.70% increase, and Australia’s ASX 200 saw a
modest gain of 0.12%.
European markets are on the rise, driven by UK investors’
anticipation of the 2024 budget presentation. This crucial
statement, to be delivered to the British Parliament by Finance
Minister Jeremy Hunt, will outline the government’s fiscal and
spending strategies for the coming year. There is widespread
expectation that Hunt will introduce significant cuts to Social
Security taxes, a measure that could have a broad impact on
personal finances and the overall economic landscape.
On the U.S. economic agenda this Wednesday, the spotlight is on
February’s private-sector job creation data, to be released by ADP
at 08:15 AM. The January employment and vacancies report (Jolts)
will be published by the Labor Department at 10 AM, followed by
January’s wholesale inventories by the Commerce Department. Fed
Chairman Jerome Powell will make a statement before the U.S. House
Financial Services Committee at noon. The Energy Department will
release the position of oil stocks until last Friday at 10:30 AM,
while the Beige Book, a report on the economic situation of the
American districts, will be released by the Fed at 2 PM.
U.S. stocks suffered a sharp decline on Tuesday, influenced by
profit-taking and a drop in Apple‘s stock after
iPhone sales in China slowed in the first six weeks of 2024. The
uncertainty surrounding interest rates, especially before Fed
Chairman Jerome Powell’s testimony, contributed to the negative
market mood. Unfavorable economic reports and disappointing
projections in the software sector also weighed on the indexes.
In terms of quarterly results, companies scheduled to present
financial reports before the market opens include
Abercrombie & Fitch (NYSE:ANF),
JD.com (NASDAQ:JD), Foot Locker
(NYSE:FL), EVgo Inc (NASDAQ:EVGO),
Campbell’s Soup (NYSE:CPB), Trinity
Capital (NASDAQ:TRIN), Unifi Inc
(NYSE:UNFI), Genius Sports (NYSE:GENI)
Thor Industries (NYSE:THO), Rev
Group (NYSE:REVG), among others.
After the market closes, investors await results from
Victoria’s Secrets (NYSE:VSCO), Inovio
Pharmaceuticals (NASDAQ:INO), TriplePoint Venture
Growth (NYSE:TPVG), Rush Street
Interactive (NYSE:RSI), Honest Company
(NASDAQ:HNST), Infinera Corp (NASDAQ:INFN),
Grupo Supervielle (NYSE:SUPV), Emergent
Biosolutions (NYSE:EBS), Vermilion Energy
(NYSE:VET), Yext Inc (NYSE:YEXT), and more.
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