U.S. Futures Rise on Positive Jobless Claims Data, Potential Interest Rate Cuts
U.S. futures edged slightly higher on Friday morning, boosted by encouraging data on weekly jobless claims and the possibility of interest rate cuts later this year. Futures on the Nasdaq 100, S&P 500, and Dow Jones Industrial Average were all up by small margins at 2:29 a.m. EST on May 10.
In yesterday’s trading session, the Dow Jones extended its winning streak to seven days, its longest rally since December. The index closed up 0.85%, with the S&P 500 and Nasdaq Composite also posting gains.
In corporate news, Akamai Technologies saw a 9% drop in after-hours trading due to weak Q2 guidance, while Unity Software reported a wider-than-expected Q1 loss, causing a 4.5% decline in its shares. On the other hand, Dropbox gained over 2% after exceeding Q1 expectations.
Investors are eagerly awaiting key economic reports, including the Michigan Consumer Sentiment Index and UoM 5-year Consumer Inflation Expectations for May. Enbridge, DigitalOcean, Telus, and AMC Networks are among the companies set to release their quarterly results today.
The U.S. 10-year treasury yield was up, while WTI crude oil futures remained steady around $79.9 per barrel. European indices are expected to open higher on hopes of U.S. interest rate cuts.
In Asia-Pacific markets, indices were mixed as investors analyzed Japan’s household spending data and Hong Kong’s proposal to waive dividend tax. Japan’s Nikkei and Topix indices were up, while Hong Kong’s Hang Seng index saw a significant increase. However, China’s Shanghai Composite and Shenzhen Component indices experienced slight declines.
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