In the pre-market trading on Tuesday, U.S. index futures show mixed movements as investors wait for the inflation report that could indicate the direction of the Federal Reserve’s monetary policy.
At 06:33 AM, Dow Jones futures (DOWI:DJI) fell 17 points, or 0.04%. S&P 500 futures advanced 0.24%, and Nasdaq-100 futures rose 0.43%. The yield on 10-year Treasury notes was at 4.087%.
In the commodities market, West Texas Intermediate crude oil for April rose 0.56% to $78.37 a barrel. Brent crude oil for May increased by 0.63% to around $82.74 a barrel. Iron ore traded on the Dalian exchange fell 2.23% to $115.92 per metric ton.
On Tuesday’s economic agenda, the February consumer price index is awaited at 8:30 AM. The consensus among LSEG analysts anticipates a 0.4% increase on a monthly basis and 3.1% on an annual basis.
Asian markets closed mixed, with Hong Kong’s Hang Seng leading the gains with a 3.05% jump, driven by technology stocks. Meanwhile, Japan’s Nikkei saw a slight decrease of 0.06%, and China’s Shanghai SE fell by 0.41%. South Korea’s Kospi and Australia’s ASX 200 posted modest increases of 0.83% and 0.11%, respectively, reflecting market caution ahead of U.S. inflation data.
European markets are showing gains as investors focus on the upcoming U.S. inflation report. Concurrently, wage growth in the United Kingdom was recorded at 6.1% between November 2023 and January 2024, as announced by the Office for National Statistics. Analysts suggest that this index should not interfere with the predictions that the Bank of England may cut interest rates by mid-year.”
After initial pressures, U.S. stocks partially recovered on Monday. The Dow Jones closed with a slight increase of 0.12%, while the S&P 500 and Nasdaq saw decreases of 0.11% and 0.41%, respectively. Uncertainty about the interest rate policy and expectations for Tuesday’s inflation data influenced the market. Specific sectors, such as semiconductors and steel, faced difficulties, while gold stocks stood out with significant gains.
On the earnings front, scheduled to present financial reports before the market opens are Archer-Daniels-Midland (NYSE:ADM), Kohl’s (NYSE:KSS), Workhorse (NASDAQ:WKHS), On Holding (NYSE:ONON), International Game Technology (NYSE:IGT), Hagerty (NYSE:HGTY), Manchester United (NYSE:MANU), Blade Air Mobility (NASDAQ:BLDE), among others.
After the close, numbers are awaited from Clover (NASDAQ:CLOV), Beauty Health (NASDAQ:SKIN), Phunware (NASDAQ:PHUN), Allbirds (NASDAQ:BIRD), Energy Vault (NYSE:NRGV), PHX Minerals (NYSE:PHX), Guild Holdings (NYSE:GHLD), Purple Innovation (NASDAQ:PRPL), Heron Therapeutics (NASDAQ:HRTX), and more.