US pre-open: Futures point to mixed start early on
By Benjamin Chiou
Date: Monday 24 Jun 2024
(Sharecast News) - US stocks were expected to open the new trading week mixed, with futures swinging between gains and losses in pre-market trade.
By 0543 in New York, the S&P 500 was up 0.1% while the Nasdaq was down 0.1%. Both indices have fallen for the past two sessions since setting new all-time highs last week. The Dow meanwhile was up 0.2% ahead of the opening bell.
The economic data schedule was looking relatively quiet on Monday, with the Chicago Fed National Activity Index (0830 EDT) and Dallas Fed Manufacturing Business Index (1030 EDT) the only releases of the day. Meanwhile, a close eye will be kept on a scheduled speech from San Francisco Fed president Mary Daly, as investors watch for comment on the future outlook for interest rates.
The major release of the week will be Friday's personal consumption expenditures (PCE) index for May, with the annual change in the core PCE - the Fed's preferred measure of inflation - expected to ease to 2.6% from 2.8% the month before.
"Coming off the back of last week's bumper services PMI reading, there is a concern that the vibrancy of the US economy could ultimately produce a longer wait for those desperate for that first Federal Reserve rate cut," said Joshua Mahony, chief market analyst at IG.
"With crude oil prices on the rise once again today, keeping a lid on fuel costs will remain a key factor in avoiding a fresh resurgence in price pressures," Mahony said. West Texas crude was up 0.4% at $81.08 a barrel, retesting last week's multi-month highs of above $82.
Apple futures were falling after European regulators accused the company of breaching the Digital Markets Act digital-competition law.
UPS was also lower in pre-market trade after selling Coyote Logistics to RXO for just over $1bn, a big drop from the $1.8bn price it paid for the division nine years ago.
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