U.S. stock futures edged lower early Thursday, after the S&P 500 (SPX) recorded its third consecutive day of gains. This positive momentum was largely due to the easing of the U.S.-China trade tensions. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.51%, 0.54%, and 0.46%, respectively, at 4:12 a.m. EST, May 15.
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During Wednesday’s regular trading session, the Dow Jones edged down by 0.21%. In contrast, the S&P 500 and the Nasdaq Composite (NDAQ) rose 0.1% and 0.72%, respectively.
Particularly, tech stocks showed notable momentum. Nvidia (NVDA) rallied by 4.2% following its AI chip deal with Saudi Arabia. Also, Advanced Micro Devices (AMD) climbed 4.7% after announcing a $6 billion stock buyback program.
In after-hours trading, Foot Locker’s (FL) shares soared over 60% following reports that Dick’s Sporting Goods (DKS) is nearing a deal to acquire FL for about $2.3 billion. In contrast, UnitedHealth (UNH) stock slid 8% following news that the U.S. Justice Department is probing the insurer for potential Medicare fraud.
Looking ahead, traders are awaiting the release of April’s Producer Price Index (PPI), Retail Sales, and Industrial Production reports, as well as the Weekly Jobless Claims data, for further insights into the economy’s health.
At the same time, earnings from Alibaba (BABA), Walmart (WMT), Applied Materials (AMAT), Virgin Galactic (SPCE), Take-Two Interactive (TTWO), Deere (DE), and Quantum Computing (QUBT) are also for release today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.518%. Simultaneously, WTI crude oil futures are trending lower, hovering near $61.08 per barrel as of the last check.
At the same time, the Gold Spot U.S. Dollar Price fell to a one-month low of nearly $3,140 per ounce on Thursday, after tensions eased between the U.S. and China, reducing demand for safe-haven assets.
Elsewhere, European indices opened lower today, as investors looked for fresh market drivers following the U.S.-China trade deal boost.
Asia-Pacific Markets Ended Lower Today
Asia-Pacific indices were in the red today, as traders kept a close watch on U.S.-China trade talks.
At the same time, the Hong Kong index was down 0.88%. Also, China’s Shenzhen Component and Shanghai Composite indices closed lower by 1.62% and 0.68%, respectively. Further, Japan’s Topix and Nikkei indices declined 0.88% and 0.98%, respectively.
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