U.S. Futures Rise as Investors Shake Off Previous Day’s Decline
After a lackluster trading session on Tuesday, U.S. futures are trading higher on Wednesday morning, showing signs of optimism among investors. Futures on the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 are all on the rise, with gains of 0.17%, 0.25%, and 0.49%, respectively.
Yesterday, all three major indices experienced declines for the second consecutive trading session, with the Nasdaq 100 taking the biggest hit, contracting by 1.80%. The SPX and DJIA also fell by 1.02% and 1.04%, respectively. The decline was largely attributed to the underperformance of tech stocks, particularly Apple and Tesla, following disappointing China sales reports.
On the bright side, Bitcoin reached a new record high of $69,000 in yesterday’s trading session, fueled by increased interest from major financial firms like Blackrock and Fidelity.
As of the latest update, the U.S. 10-year Treasury yield is up, hovering around 4.16%, while WTI crude oil futures are trending higher at $78.55 per barrel due to demand concerns.
Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s two-day testimony before Congress, starting today, to gain insights into the interest rate cut trajectory for 2024. Additionally, quarterly results from companies like Foot Locker, Victoria’s Secret, Chemours Company, and Abercrombie & Fitch are expected to be reported today.
In other markets, European markets opened lower ahead of the U.K.’s budget announcement.
In Asia-Pacific markets, indices ended the trading session on a mixed note. Hong Kong’s Hang Seng Index closed higher by 1.7%, while China’s Shanghai Composite and Shenzhen Component indices ended down by 0.26% and 0.22%, respectively. Japan’s Nikkei Index finished lower by 0.02%, but the Topix Index saw a gain of 0.39%.
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