Today’s Stock Market News: Futures Rise on Renewed Rate Cut Speculation, 5/10/24

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U.S. Futures Rise on Positive Jobless Claims Data and Hopes of Interest Rate Cuts

U.S. Futures Rise on Positive Jobless Claims Data, Potential Interest Rate Cuts

U.S. futures edged slightly higher on Friday morning, driven by encouraging data on weekly jobless claims that sparked hopes of potential interest rate cuts later this year. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were all up by around 0.06%, 0.1%, and 0.14%, respectively, at 2:29 a.m. EST on May 10.

In yesterday’s trading session, the Dow Jones continued its winning streak for the seventh consecutive day, marking its longest rally since December. The index closed up 0.85%, with the S&P 500 and Nasdaq Composite also posting gains of 0.51% and 0.27%, respectively.

In corporate news, cloud company Akamai Technologies (AKAM) saw its shares decline by 9% in after-hours trading due to weak Q2 guidance. Unity Software (U) also fell 4.5% after reporting a wider-than-expected Q1 loss, while Dropbox (DBX) gained over 2% following better-than-expected Q1 results.

Investors are eagerly anticipating key economic reports, including May’s preliminary readings of the Michigan Consumer Sentiment Index and the UoM 5-year Consumer Inflation Expectations. Additionally, Enbridge (ENB), DigitalOcean (DOCN), Telus (TU), and AMC Networks (AMCX) are among the prominent companies set to release their quarterly results today.

The U.S. 10-year treasury yield was up, hovering near 4.46%, while WTI crude oil futures trended higher, nearing $79.9 per barrel. European indices are expected to open higher today on renewed hopes of U.S. interest rate cuts.

In Asia-Pacific markets, indices traded mixed as investors assessed Japan’s household spending data and Hong Kong’s regulator’s proposal to waive dividend tax. Japan’s Nikkei and Topix indices were up 0.35% and 0.41%, respectively, while Hong Kong’s Hang Seng index rose by 2.09%. However, China’s Shanghai Composite and Shenzhen Component indices saw declines of 0.07% and 0.61%, respectively.

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