U.S. Futures Dip After Record Highs in Q1 of 2024
U.S. futures saw a slight decline on Thursday morning after reaching record highs multiple times in the first quarter of 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) futures were down by about 0.06%, 0.08%, and 0.1%, respectively, at 4:30 a.m. EST on March 28.
In yesterday’s trading session, all three major indices closed higher, with the Dow Jones experiencing its biggest daily gain of the year so far, rising by 1.22%. The SPX index also climbed by 0.86%, while the Nasdaq 100 index saw a modest increase of 0.51%, despite Nvidia (NVDA) stock declining by 2.5% for the second consecutive session.
Investors should take note that today marks the final trading session for the month of March, with the market closed tomorrow for Good Friday. The three key indices are on track to close higher for the second consecutive quarter and fifth consecutive month.
Several important economic reports are set to be released today, including Initial Jobless Claims data for the week ended March 23, the final estimate for Gross Domestic Product growth rate, and the University of Michigan’s U.S. Consumer Confidence reading.
In terms of corporate earnings, Walgreens Boots Alliance (WBA), Vuzix (VUZI), and Semtech (SMTC) are scheduled to release their quarterly results today.
Meanwhile, the U.S. 10-year treasury yield was up, hovering near 4.21%, while WTI crude oil futures trended higher, nearing $81.76 per barrel on the back of positive US crude inventory data and expectations of OPEC+ production cuts.
In Europe, indices opened higher as investors await the release of the U.K. GDP estimate revision report.
In Asia-Pacific markets, indices ended the session on a mixed note. Hong Kong’s Hang Seng index closed 0.91% higher, while China’s Shanghai Composite and Shenzhen Component indices rose by 0.59% and 1.31%, respectively. However, Japan’s Nikkei and Topix indices fell by 1.46% and 1.73%, respectively.
Overall, the global markets are experiencing a mix of positive and negative factors, influencing investor sentiment and market movements. Stay tuned for more updates on the economic landscape.
