PARIS/LONDON (Agefi-Dow Jones)–The main indices of the New York Stock Exchange are expected to open without much change on Monday, with investors watching for new indicators this week as well as a series of speeches from Federal Reserve officials ( Fed).
At 12:55 p.m., the futures contract on the Dow Jones index (DJIA) lost 0.2%, to 38,917 points, while that on the broader S&P 500 index dropped 0.1%, to 5,431 points. At the same time, the contract on the Nasdaq 100, rich in technology stocks, gained 0.1%, to 19,968 points.
The Nasdaq Composite and the S&P 500 reached new all-time highs last week, supported by an easing in rates and the release of strong results and forecasts from technology giants.
The indices could take a break on Monday, while many Fed officials will have to speak this week.
Minneapolis Fed President Neel Kashkari said Sunday on CBS that it was “reasonable” to forecast a first rate from the Federal Reserve in December. “We are in a very good position right now to take our time and get more data on inflation, on the economy and on the labor market, before making a decision,” the official said.
The market is currently pricing in a first rate cut in September, according to the CME Group’s FedWatch consensus.
On the bond market, the ten-year US Treasury bond rate stood at 4.241%, compared to 4.228% on Friday evening. The two-year security rate is stable at 4.715%.
On the foreign exchange market, the DXY index, which measures the evolution of the dollar against a basket of currencies, gained 0.1%, to 105.60 points.
VALUES TO FOLLOW, pre-opening variations:
EVENTS TO COME
-Autodesk gains 4% in pre-opening. The American activist fund Starboard Value holds a stake of around $500 million in the design software manufacturer and intends to obtain changes particularly in terms of governance, according to sources familiar with the matter.
-UBS (+0.7% in New York) plans to record a provision of around $900 million in its second quarter results following an offer to buy back shares in Credit Suisse’s Supply Chain funds, linked to the financial company Greensill which filed for bankruptcy in 2021.
-Broadcom (+2.9%) could achieve a seventh consecutive session of increase. The chipmaker last week released quarterly results and forecasts that beat expectations and announced a par value split to improve liquidity.
EVENTS TO COME:
-2:30 p.m.: New York Fed (“Empire State”) manufacturing survey – June
-7:00 p.m.: Speech by Philadelphia Fed President Patrick Harker
-François Schott, Agefi-Dow Jones, with the London office of the Wall Street Journal ed: VCA
Agefi-Dow Jones The financial newswire
(END) Dow Jones Newswires
June 17, 2024 07:11 ET (11:11 GMT)
