Stock futures rise on expectations of interest rate cuts and focus on US jobs data

From Nasdaq: 2024-06-03 07:38:50

US stock futures are up this morning, with S&P 500 and Nasdaq E-Mini futures on the rise. Friday saw mixed closes on Wall Street with Caesars and Zscaler gaining, while MongoDB tumbled. Economic data showed core PCE price index at 2.8% and Chicago PMI falling to 35.4 in May. Negotiations on interest rate cuts are ongoing. The week ahead includes the US Nonfarm Payrolls report and earnings from companies like Lululemon and Dollar Tree.

In Europe, the Euro Stoxx 50 futures are up over 1%, tracking Asian gains. Hamburg Commercial Bank and S&P Global reported a rise in the Eurozone’s manufacturing PMI in May. Gsk Plc plunged over 9% following a court ruling on Zantac lawsuits. ECB is expected to announce an interest rate decision this week. Manufacturing PMI data from Spain, Italy, France, Germany, and the Eurozone was released.

Chinese and Japanese stock markets settled mixed with China’s Shanghai Composite closing lower despite strong manufacturing PMI data. Moody’s raised China’s growth forecast to 4.5% in 2024. China allocated funds to subsidize auto trade-ins. BYD and China Minmetals Rare Earth Resources made moves in corporate news. Japan’s Nikkei 225 closed higher, with financial and electronics stocks leading gains. S&P Global reported modest expansion in Japan’s factory activity in May. Japan continues to aim for a primary budget surplus by 2025.

Pre-market movers in the US include GameStop spiking 93% and Nvidia climbing 2% after announcing plans for AI enhancements. The market anticipates economic data releases including the ISM Manufacturing PMI and Construction Spending. Bond markets are showing a retreat in Treasury yields, and investors are closely watching interest rate decisions in Europe and Canada, along with the upcoming US Nonfarm Payrolls report.



Read more at Nasdaq: Stocks Set to Open Higher as Rate Cut Bets Firm, U.S. Jobs Data in Focus