- January 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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**US Stock Futures Struggle as Hopes for Early Rate Cut Fade**
US stock futures saw a lackluster performance on Thursday, as investors were unable to shake off a bleak start to the year following the Federal Reserve’s reluctance to commit to an early interest-rate cut. Dow Jones Industrial Average (^DJI) futures saw a modest gain of about 0.2%, or 60 points, while S&P 500 (^GSPC) futures remained flat. The tech sector also showed signs of weakness, with Nasdaq 100 (^NDX) futures slipping approximately 0.2%.
Investors who were banking on a March rate cut were left with uncertainty after the release of the Fed minutes on Wednesday. While it was acknowledged that rates had peaked and should decrease by the end of 2024, some officials indicated that they could stay at their current high levels “for some time,” depending on the trajectory of inflation. This ambiguity added to the market’s uncertainty.
To add to the complexity, the market is awaiting key labor market data that could sway the Fed’s decision-making. The ADP private payrolls report and weekly initial jobless claims will set the stage for the crucial jobs report for December, which will be released on Friday.
Additionally, US bond yields made a comeback, with the 10-year Treasury yield (^TNX) inching closer to 4%, following a dip on Wednesday. In the commodities market, oil prices experienced a 1% increase, building on the previous day’s gains. Supply disruptions in Libya and tensions in the Red Sea kept the market on edge, pushing West Texas Intermediate crude (CL=F) futures above $73 a barrel, and Brent crude (BZ=F) just below $79 a barrel.
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