U.S. Futures Rise After Weak Trading Session; Tech Stocks Lead Losses
After a weak trading session yesterday, U.S. futures are trading higher on Thursday morning. The decline was largely attributed to weakness in the Magnificent Seven stocks and major chip companies’ stocks. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by 0.39%, 0.25%, and 0.1%, respectively, at 4:39 a.m. EST on April 18.
The S&P 500 and Nasdaq Composite indices continued their four-day losing streak, closing down 0.58% and 1.15%, respectively. The Dow Jones index also fell by 0.12%. Tech stocks led the losses due to heightened geopolitical concerns in the Middle East and lingering uncertainty around the Federal Reserve’s interest rate policy.
Investors are eagerly awaiting major economic reports today, including the Existing Home Sales Change data for March. This report provides insights into the sales volumes and prices of existing single-family homes, condos, and cooperative housing nationwide.
Additionally, the Q1 earnings season is gaining momentum, with companies like Netflix (NFLX), Alaska Air (ALK), Comerica (CMA), Blackstone (BX), and Western Alliance (WAL) reporting their results today.
Meanwhile, the U.S. 10-year treasury yield was down, hovering near 4.57%, while WTI crude oil futures trended lower at around $81.98 per barrel. European indices opened higher today despite Fed Chair Jerome Powell’s hawkish remarks on interest rate policy.
In the Asia-Pacific markets, most indices closed higher, with investors evaluating China’s strong GDP report. Japan is looking ahead to inflation data to be released tomorrow for insights on the monetary policy path. Hong Kong’s Hang Seng index was up 0.802%, China’s Shanghai Composite Index gained 0.09%, and Japan’s Nikkei and Topix indices rose by 0.31% and 0.54%, respectively.
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