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Stocks Down Marginally as Traders Wait for Market Direction Cues; Asia Churns, Europe Rises
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Stocks Down Marginally as Traders Wait for Market Direction Cues; Asia Churns, Europe Rises
May 17, 2024 4:37 AM

07:00 AM EDT, 05/17/2024 (MT Newswires) -- US equity futures were mostly tracking slightly in the red before the opening bell Friday as traders await fresh catalysts to trigger market direction.

The S&P 500 futures and the Dow Jones Industrial Average were down less than 0.1% each in the premarket, while the Nasdaq was up 0.1%. Asian exchanges were mixed to lower, while European bourses were mostly trending higher.

Reddit's ( RDDT ) shares jumped 16% pre-bell after the social media platform disclosed plans to bring its content to Microsoft ( MSFT )-backed (MSFT) OpenAI's ChatGPT. Take-Two Interactive Software ( TTWO ) declined 2.8% following its latest quarterly results, while the video game publisher said the next installment in its popular Grand Theft Auto series won't be released until fall next year. Applied Materials ( AMAT ) ticked down 1%.

H World Group ( HTHT ) , RBC Bearings ( RBC ) and RLX Technology ( RLX ) report their latest financial results early Friday, among others.

On the economic calendar, the first-quarter e-commerce retail sales report is out at 10 am ET, along with the leading indicators index for April. The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm.

Federal Reserve Governor Christopher Waller is scheduled to speak at 10:15 am, while San Francisco Fed President Mary Daly speaks at 12:15 pm.

Before the open, bitcoin increased 1.7% to $66,407, West Texas Intermediate crude dipped 0.2% to $79.37 a barrel, yields on 10-year Treasuries inclined 1.5 basis points to 4.39% and gold nudged 0.2% higher to $2,390 an ounce.

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