U.S. Futures Climb in Pre-Market Trading Amid Tech Gains and Upcoming Inflation Data
April 26 2024 - 7:47AM
IH Market News
U.S. futures indicate a rise in pre-market trading this Friday,
pointing to a recovery following significant declines on Thursday.
This advance is partly due to impressive results from technology
companies Alphabet (NASDAQ:GOOGL) and
Microsoft (NASDAQ:MSFT), and comes in anticipation
of new inflation data to be released.
At 06:37 AM, the Dow Jones Industrial Average futures (DOWI:DJI)
were up 38 points, or 0.10%. S&P 500 futures advanced 0.70%,
and Nasdaq-100 futures gained 1.01%. The yield on 10-year Treasury
notes was at 4.694%.
In the commodities market, West Texas Intermediate crude for
June was up 0.47%, at $83.96 per barrel. Brent crude for June rose
0.45%, near $89.41 per barrel. Iron ore traded on the Dalian
exchange was up 0.06%, at $122.05 per metric ton.
On Friday’s economic calendar, the U.S. Commerce Department will
publish the PCE index, which measures individual expenditures,
along with personal income and spending data for March, at 08:30
AM. The LSEG consensus estimates a monthly increase of 0.3% and an
annual rise of 2.6%. Later, at 10:00 AM, the revised
Michigan/Reuters consumer sentiment index for April, a
collaboration between the University of Michigan and Thomson
Reuters, will be released.
European markets are on the rise, recovering after a pullback in
the previous session. Shares in the technology and construction
sectors are leading the gains, with increases of 1.6% and 1.48%,
respectively. In contrast, the chemical and insurance sectors are
showing more modest performances, with declines of less than 1%
each.
Asian markets displayed mixed movements in response to regional
economic events. Japan’s Nikkei rose by 0.81%, while the Shanghai
SE in China was up 1.17%. In contrast, Australia’s ASX 200 fell by
1.39%. These fluctuations were influenced by the Bank of Japan’s
decision to maintain interest rates and a slowdown in inflation in
Tokyo.
After an initial significant drop, U.S. stocks recovered some of
their losses throughout the day, ending lower on Thursday. The
decline in shares of Meta Platforms (NASDAQ:META),
which plummeted by 10.6%, negatively impacted the market.
Additionally, economic data indicated slowing growth and persistent
inflation. U.S. GDP growth was at 1.6%, below expectations, and the
personal consumption expenditures price index rose by 3.4%. The Dow
Jones fell by 0.98%, while the S&P 500 and Nasdaq retreated by
0.46% and 0.64%, respectively.
In the quarterly earnings front, reports are scheduled from
Exxon Mobil (NYSE:XOM), Chevron
(NYSE:CVX), Abbvie (NYSE:ABBV),
Colgate-Palmolive (NYSE:CL), HCA
Healthcare (NYSE:HCA), Charter
Communications (NASDAQ:CHTR), ACM
Research (NASDAQ:ACMR), Autoliv
(NYSE:ALV), Centene Corporation (NYSE:CNC), and
Ball Corporation (NYSE:BALL).
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