Stock Market News Today, 03/04/24 – Futures Mixed After a Strong Session –

US futures were trending mixed today after a strong trading session on Friday, with the S&P 500 (SPX) and Nasdaq 100 (NDX) indices reached all-time highs. Nasdaq 100 futures were up about 0.13% as of 4:00 a.m. EST on March 4, while those tied to the Dow Jones Industrial Average (DJIA) and the S&P 500 fell 0.20% and 0.06%, respectively.

Overall, the S&P 500 and Nasdaq 100 posted their seventh weekly gains in the past eight weeks. This positive momentum was the result of strong corporate earnings, growing demand for artificial intelligence, and lingering hopes of interest rate cuts later this year.

In main economic reports this week, the February Services Purchasing Managers' Index (PMI) will be released on Tuesday. Additionally, investors will await Federal Reserve Chairman Jerome Powell's testimony before the House committee on Wednesday as he may offer clues on interest rate cuts. Additionally, non-farm payrolls and the unemployment report for February will be published on Friday.

Among the key earnings releases due this week, Chinese electric vehicle maker Nio (CHILD) will release its quarterly results on Tuesday. Additionally, several consumer discretionary companies are scheduled to release results, including Stitch Fix (SFIX), Aim (TGT), Ross Stores (Rost), and gap (GPS). Additionally, CrowdStrike (CRUD) and Broadcom (AVGO) are some of the technology companies that will present their reports later this week.

Meanwhile, the 10-year US Treasury yield has risen, floating near 4.21% at the time of writing. Additionally, WTI crude oil futures are trending higher, hovering around $80.09 per barrel at last check, as OPEC members extended production cuts into June. Additionally, persistent geopolitical tensions in the Middle East boosted oil prices.

Elsewhere, European markets opened today's session on a mixed note, with investors awaiting the release of key economic data, including the European Central Bank's interest rate decision.

Asia Pacific markets ended higher on Monday

Most Asia-Pacific indices finished in the green on Monday as investors eagerly awaited the “Two Sessions” meeting in China, at which policymakers will unveil their economic goals and policy priorities for 2024.

Hong Kong's Hang Seng Index closed up 0.04%. Similarly, China's Shanghai Composite and Shenzhen Component indices ended up gaining 0.41% and 0.04%, respectively. Japan's Nikkei index ended up 0.50%, but the Topix index fell 0.12%.

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