Written by: Salma Al-Saqqa
US stock futures recorded gains as trading began, while oil prices fell as investors prepare to monitor the results of major tech companies and read indicators of global economic growth.
Oil price decline and the impact of US decisions
Crude oil prices fell significantly following the US administration's decision to suspend a number of sanctions imposed on Russia, in addition to exempting some countries importing Russian oil from proposed customs duties. These steps led to strengthened expectations for an increase in crude supply in international markets, which was reflected in the decline of Brent and US crude contracts, following previous gains achieved by the markets due to concerns related to supply disruptions in various regions.
Market trading and tech company results
On the stock market front, Dow Jones, S&P, and Nasdaq index futures recorded new gains, offsetting part of the losses incurred in previous sessions. Investors' attention is directed towards the upcoming results announcements for major tech companies, amid increased scrutiny on the volume of spending and investments allocated to artificial intelligence fields and digital infrastructure development, amidst notable fluctuations in investor sentiment.
Chinese economic data
In Asia, official data released in China showed an acceleration in GDP growth during the third quarter of the year, exceeding economic expectations supported by exports and demand related to modern technologies. In the same context, memory chip manufacturers recorded expectations for strong revenue growth and a return to profitability, despite the continued challenges and concerns surrounding financial market valuations and the semiconductor sector globally.
