Wall Street Set to Open Lower Tuesday as Investors Await Fed Decision, Inflation Data
MT Newswires 11/06/2024 21:22

09:22 AM EDT, 06/11/2024 (MT Newswires) -- US stocks look set to open lower in Tuesday's trading session as investors await the Federal Reserve's interest rate decision and key inflation data coming out Wednesday.

The Dow Jones Industrial Average futures were down 0.3%, S&P 500 futures were off nearly 0.3%, and Nasdaq futures were moving 0.3% lower.

Oil prices reversed course from their downward trend earlier in the premarket session and were moving slightly higher, with front-month global benchmarks Brent crude and West Texas Intermediate crude gaining 0.3% and 0.2% respectively.

In other world markets, Japan's Nikkei gained 0.25%, Hong Kong's Hang Seng fell 1.04%, and China's Shanghai Composite was down 0.76%. Meanwhile, in Europe's early afternoon session, the UK's FTSE 100 was down 1.11%, while Germany's DAX dropped 0.73% and France's CAC fell 1.32%.

The Fed, which kicks off its June meeting later in the day, is expected to keep rates unchanged when it announces its decision Wednesday.

Inflation data, which is also scheduled to be released on Wednesday, is expected to show that consumer prices rose 0.1% in May from April, when it increased 0.3% from the previous month, according to Investing.com. Annual rates are expected to remain unchanged at 3.4%.

On the winning side, shares of Trio Petroleum (TPET) soared 90% after the company said Tuesday that it "encountered substantial oil-bearing pay zones" after it successfully drilled its first two exploratory wells in Uintah County, Utah. Chicken Soup for the Soul Entertainment's (CSSEL) shares advanced 46%, adding to a huge 88% gain from the previous session. Shares of Nauticus Robotics (KITT) jumped 48%, after increasing 49% Monday. ShiftPixy's (PIXY) stock climbed 26%, following a 2% loss in the previous session. Shares of QuantaSing Group (QSG) rose nearly 18% after the company said its board of directors authorized the repurchase of up to $20 million of its class A ordinary shares in the form of American depositary shares.

On the losing side, shares of Target Hospitality (TH) dropped 37% after the company said late Monday that it received notice that the US government will terminate the existing South Texas Family Residential Center services deal with the company's migrant programming partner. Big Tree Cloud's (DSY) shares shed 23% after soaring 90% on Monday. CoreCivic's (CXW) stock was down more than 25% after Wedbush downgraded it to neutral from outperform and cut its price target to $14 from $19. Shares of Contango Ore (CTGO) tumbled 20% after the company announced late Monday a public share offering with accompanying warrants. And shares of ProKidney (PROK) fell 14% after the company said Monday that it launched an underwritten public offering and a concurrent registered direct offering of up to a total of $125 million of its class A ordinary shares.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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