U.S. futures inched higher on Monday morning as investors looked ahead to entering the second half of 2024. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.23%, 0.21%, and 0.12%, respectively, at 4:16 a.m. EST, July 1.
In the first half, all three major indices – the Nasdaq Composite, the S&P 500, and the DJIA – saw an upside. This was aided by an AI-fueled rally within the tech sector and renewed hopes about potential interest rate cuts in 2024. The Nasdaq 100 saw the highest gain at 18.1%. Meanwhile, the S&P 500 and the Dow Jones indices registered gains of 14.5% and 3.8%, respectively, during the period.
Turning to this week’s economic reports, the Manufacturing Purchasing Managers’ Index (PMI) report for June is due for release today. Additionally, investors await the release of the Services PMI data on Wednesday. On the same day, Federal Reserve Chair Jerome Powell will release the minutes from the Fed’s June meeting.
Furthermore, last month’s Nonfarm Payrolls and Unemployment Rate will be released on Friday. On the earnings front, alcohol beverage provider Constellation Brands (STZ) will announce results this week.
Meanwhile, the U.S. 10-year treasury yield is up, floating near 4.4% at the time of writing. Also, the WTI crude oil futures are trending higher, hovering near $82.17 per barrel as of the last check.
Elsewhere, European markets opened higher today as investors evaluated the results of the first round of France’s snap parliamentary election.
Asia Pacific Markets Traded Higher on Monday
Most of the Asia-Pacific indices were trading higher today as investors evaluated Japan’s business confidence reports and China’s June manufacturing PMI data.
Hong Kong’s Hang Seng index closed higher by 0.01%. At the same time, Japan’s Nikkei and Topix indices traded up by 0.12% and 0.52%, respectively. Further, China’s Shenzhen Component and Shanghai Composite indices climbed up by 0.92% and 0.57%, respectively.
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