US Stock Market News: Dow Jones likely to open lower amid best winning run since December; Dow futures down 60 pts
US Stock Market News Today: Wall Street is all set for a lacklustre start to trade on Wednesday, May 8, with Dow Jones Industrial Average (DJIA) futures–an early indicator of the 30-blue-chip benchmark–down 60 points, or 0.2 per cent, at 38,967 some 30 minutes prior to the opening bell. While S&P 500 futures were down 22.8 points, or 0.4 per cent, at 5,191, Nasdaq 100 futures were down 107.5 points, or 0.6 per cent, at 18,092.
The US share market has risen handsomely over the past few days amid optimism the Fed will introduce reductions in benchmark interest rates this year itself, with rate cut bets supported by a weaker-than-expected US jobs market.
As Wall Street gears up for a tepid opening, here are some of the key events to track on May 8
US investors will closely track the following on Wednedsay:
- US crude oil stockpiles data for May
- Fed officials Lisa D Cook, Susan Collins and Philip N Jefferson scheduled to speak
Besides, investors await a monthly US jobs report, a key rate decision by the Bank of England, and UK GDP data due this week for clues on the course of interest rates around the globe.
Global markets
European shares were barely in the green minutes ahead of the onset of the May 8 session on Wall Street. The pan-European Stoxx 600 was left with a gain of a mere 0.1 per cent after scaling a record high on the back of strong earnings from Anheuser-Busch Inbev and Siemens Energy.
Here’s how some of the key indices from the continent fared:
- UK’s FTSE 100: up 22.6 points, or 0.3 per cent, at 8,336.2
- France’s CAC: up 50 points, or 0.6 per cent, at 8,125.7
- Germany’s DAX: up 22.4 points, or 0.1 per cent, at 18,452.4
Earlier on Wednesday, MSCI’s broadest index of Asia Pacific shares outside Japan declined 0.4 per cent, while Japan’s Nikkei 225 benchmark plunged 1.7 per cent.
In Mumbai, equity benchmarks Nifty50 and Sensex finished yet another volatile session almost unchanged, as losses in financial and IT shares offset gains in energy and auto stocks. Read more on how Sensex and Nifty50 fared on May 8
How Dow Jones, S&P 500, Nasdaq fared on Tuesday
On Tuesday, the Dow and the S&P 500 inched higher at the close, rising for the fifth and fourth sessions respectively, but the US technology stocks-heavy Nasdaq gauge inched lower. The Dow Jones Industrial Average gained 32 points, or 0.1 per cent, to end at 38,884.3, the S&P 500 added seven points, or 0.1 per cent, to 5,187.7, and the Nasdaq Composite gauge shed 16.7 points, or 0.1 per cent, to settle at 16,332.6.
The three main US stock market benchmarks–the Dow Jones, the S&P 500 and the Nasdaq–were still relatively steady as trading calmed following wild swings in the past few sessions.
The Russell 2000 index, a gauge of smaller companies, finished with a gain of 3.0 points, or 0.2 per cent, at 2,064.7. Read more on the May 7 session in the US share market
How the Dow Jones, S&P 500, Nasdaq, Russell 2000 have fared so far this week
- Dow Jones Industrial Average: up 208.6 points, or 0.5 per cent
- S&P 500: up 59.9 points, or 1.2 per cent
- Nasdaq: up 176.2 points, or 1.1 per cent
- Russell 2000 up 28.9 points, or 1.4 per cent
With inputs from agencies
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