Traders Cautious Amid Middle East Tensions, Driving Muted Premarket Action for US Equity Futures Pre-Bell

MT Newswires Live
02 Oct 2024

US equity futures were little changed before Wednesday's opening bell as traders stayed on the sidelines amid escalating tensions in the Middle East.

Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all down around 0.2%.

Investors are on edge for a potential retaliation from Tel Aviv after Iran launched ballistic missiles against Israel on Tuesday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $75.40 per barrel and US West Texas Intermediate crude 2.7% higher at $71.74 per barrel.

Private payrolls based on ADP Institute's employment report, released at 8:15 am ET, rose by 143,000 in September following a 103,000 increase in August, compared with estimates compiled by Bloomberg for a smaller 125,000 gain.

In other world markets, Japan's Nikkei closed 2.2% lower and Hong Kong's Hang Seng gained 6.2% after a holiday on Tuesday. In Europe, the UK's FTSE 100 gained 0.1%, while Germany's DAX index fell 0.6% in early afternoon trading.

In equities, Humana (HUM) was down nearly 20% pre-bell after the company disclosed in a Form 8-K filing that the proportion of its Medicare Advantage membership enrolled in plans rated four stars and above for 2025 dropped to 25% from 94%. Nike (NKE) shares fell 7% after the company reported lower fiscal Q1 earnings and revenue. Lamb Weston (LW) shares dropped 4.5% after the company cut its fiscal 2025 profit guidance.

On the winning side, Fangdd Network Group (DUO) shares increased 29% pre-bell. The Chinese property technology company said it will sell about 1.6 million class A ordinary shares at $1.55 apiece in a registered direct offering.

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