US Markets Futures Indexes: Dow, Nasdaq, and S&P 500 Trade Slightly Lower- 20 Feb
US Markets Today, 20 Feb 2024: US futures indexes are trading slightly lower on Tuesday, with Nasdaq 100 futures down 32.25 points or 0.18% and at the 17711.25 level. S&P 500 futures also declined 10.50 points or 0.21 at 5009.25 levels. Meanwhile, Futures of the Dow Jones Industrial Average (DJIA) trading lower 91 points or 0.24% at 38606 levels at 1.15 pm IST or 2.45 a.m. ET
On Friday, US markets closed lower as the producer price index (PPI) inflation data came hotter than expected in January, raising concerns that the Federal Reserve may not cut interest rates soon or multiple times as markets are expecting. All three major US stock market indexes snapped a five-week winning streak as both CPI and PPI inflation data came higher than the economists’ expectations.
According to the CME FedWatch Tool, the chance of cutting interest rates is only 37% in May as compared to more than 80% in the middle of January. The yield on the benchmark 10-year US Treasury note which closed at 4.284% on Friday is trading higher at 4.303% at 2 a.m ET.
US Markets Today
The US markets were not trading on Monday on account of the Presidents Day holiday, traders will be back on the trading floor after a long weekend on Tuesday. Investors are now concerned that the Federal Reserve may go slow in cutting interest rates in 2024. The market participants will be looking for FOMC minutes of the latest meeting on Wednesday for more clues regarding policy outlook and vote split.
On the quarterly earnings front, traders will be closely monitoring the results from Home Depot and Walmart which will be announced before the bell. Meanwhile, the focus will also remain on Palo Alto Networks, as the company is expected to announce results after the bell. No important economic data are scheduled for the US markets today.
Other Global Stock Markets Today
Asian markets are mostly in the green on Tuesday. Shanghai index erased early losses and closed higher, as the People’s Bank of China cut the benchmark five-year loan prime rate for the first time since June and unchanged the one-year tenure. Hang Seng also pared early losses and is trading higher. European stocks are heading for a negative opening on Tuesday following the mixed global market sentiments.
Also, read – Global Stock Market Weekly Review: US Stocks Dip, European and Asian Markets Rise
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