U.S. Futures Display Mixed Results Amid Earnings, WTI and Brent Crude Prices Dip in June Futures Trading
April 24 2024 - 7:31AM
IH Market News
U.S. index futures are showing mixed results in pre-market
trading this Wednesday, as investors assess the latest financial
results released.
As of 6:31 AM, Dow Jones Industrial Average futures (DOWI:DJI)
fell 8 points, or 0.02%. S&P 500 futures advanced 0.14%, and
Nasdaq-100 futures gained 0.56%. The 10-year U.S. Treasury yield
stood at 4.638%.
In the commodities market, West Texas Intermediate crude for
June fell 0.44% to $82.99 per barrel. Brent crude for June dropped
0.36% to around $88.10 per barrel. Iron ore traded on the Dalian
exchange rose 3.08% to $122.55 per metric ton.
On Wednesday’s economic agenda, investors are awaiting the 8:30
AM release of the U.S. Commerce Department’s March durable goods
orders data. Subsequently, at 10:30 AM, the U.S. Department of
Energy (DoE) will provide the position of oil inventories up to the
previous Friday.
European markets are performing positively, driven by recent
advances in both Asian markets and Wall Street.
Asian markets closed predominantly higher on Wednesday, spurred
by a positive performance on Wall Street, which recorded gains for
the second consecutive day on Tuesday. The rise in New York stock
exchanges was motivated by weaker U.S. economic indicators,
specifically the weak PMIs, which fueled expectations that the
Federal Reserve might accelerate interest rate cuts. This prospect
stimulated risk appetite among investors. Major Asian indices
reflected this trend: the Shanghai Stock Exchange (Shanghai SE)
advanced 0.76%, Japan’s Nikkei surged a significant 2.42%, Hong
Kong’s Hang Seng grew 2.21%, and South Korea’s Kospi increased
2.01%. On the other hand, Australia’s ASX 200 remained virtually
stable, with a slight decline of 0.01%.
U.S. stocks closed higher on Tuesday, boosted by optimism over
corporate earnings and the interest rate outlook. The Dow Jones
rose 0.69%, the S&P 500 advanced 1.20%, and the Nasdaq gained
1.59%. Investors eagerly awaited Tesla’s (NASDAQ:TSLA) quarterly
results after market close, which reported earnings of $1.13
billion, or $0.45 per share. Another highlight of the day was Globe
Life (NYSE:GL), which led the S&P 500 gainers with a 13.5%
rise.
On the quarterly earnings front, scheduled to present reports
before market open are Boeing (NYSE:BA),
AT&T (NYSE:T), Humana
(NYSE:HUM), Vertiv Holdings (NYSE:VRT),
General Dynamics (NYSE:GD), Boston
Scientific (NYSE:BSX), Hilton (NYSE:HLT),
M/I Homes (NYSE:MHO), Amphenol
(NYSE:APH), among others.
After the market closes, the numbers from Vale
SA (NYSE:VALE), Meta Platforms
(NASDAQ:META), IBM (NYSE:IBM), Ford
Motor (NYSE:F), Chipotle Mexican Grill
(NYSE:CMG), Servicenow (NYSE:NOW), Lam
Research (NASDAQ:LRCX), Celestica Inc
(NYSE:CLS), Viking Therapeutics (NASDAQ:VKTX),
Align Technology (NASDAQ:ALGN), and more, will be
awaited.
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