Dow and Nasdaq Futures Edge Up Amidst Middle East Geopolitical Uncertainty
Dow and Nasdaq Futures
The US Future indexes, Dow, and Nasdaq futures are trading slightly higher on Tuesday, as investors assessed the impact of the geopolitical tension between Israel and Palestine in the Middle East.
The Dow Jones future is trading slightly higher by 30 points or 0.09 percent while S&P 500 futures is up by 3.75 points or 0.09 percent. The Nasdaq futures index is also trading higher by 26 points or 0.17 percent at 1.35 p.m. IST or 04.05 a.m.ET.
On Monday, the US stock market indexes initially opened lower due to a spike in crude oil prices, later in the second half investors bet on the beaten-down stocks after the Fed official’s dovish remarks amid rising geopolitical tension. Dow Jones and S&P 500 erased early losses and advanced by 0.59 percent and 0.63 percent respectively, while Nasdaq was gained by 0.39 percent.
The crude oil prices dropped almost 1% on Tuesday after rising more than 4% on Monday, as traders were worried about supply disruption. The fall in crude oil could be because Israel produces very little crude oil and if the conflict escalates it could impact mainly the Middle East supply and worsen an expected deficit for the rest of the year.
European Markets Today
European stock market indexes opened sharply higher on Tuesday following the positive cues from Wall Street and Asian markets despite the global fear of Middle East conflict.
The pan-European Stoxx 600 index is trading lower by 0.28 percent. The key indexes, CAC and DAX are trading higher by 1.17 percent and 1.38 percent respectively. The UK’s FTSE is trading up by 1.10 percent at 8.10 AM GMT or 1.40 pm IST.
Asian Stock Markets Today
The other Asian stock market indexes were mostly higher on Tuesday, as eases in crude oil prices supported the markets. Investors shrugged off pressures from the Hamas attack on Israel and bet on the recent beaten-down stocks.
Japan’s Nikkei ended higher by 2.48 percent due to a rally in defense stocks, while Australia’s S&P ASX 200 extended previous session gains by 1.01 percent. South Korea’s Kospi erased early gains and closed lower by 0.26 percent.
China’s Shanghai index also erased early gains and ended lower by 0.70 percent, while Hang Seng trimmed its early gains and closed higher by 0.82 percent. Elsewhere, the Straits Times and SET composite ended higher while Taiwan is not trading today due to a holiday.
In India, stock market indices extended their early gains, Sensex and Nifty are trading higher by 0.95 percent and 0.97 percent respectively. The Bank Nifty is also trading higher by 1.33 percent at 1.45 pm IST
The broader markets are performing in line with their larger peers, as the Nifty mid and smallcap indexes are trading higher by 1.29 percent and 1.11 percent respectively.
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