Oil prices declined due to optimistic prospects for a Russia-Ukraine peace deal and weak Chinese economic data, which raised concerns about global demand, despite ongoing supply concerns and recent U.S. actions in Venezuela.
Most Asian stocks declined due to weak tech shares influenced by cautious investor sentiment following weak guidance from US AI-related companies and disappointing Chinese economic data, with concerns over China's property market and slowing growth adding to the cautious outlook.
Asia-Pacific markets declined as investors reacted to Wall Street's drop and awaited key Chinese economic data, with South Korea leading losses and mixed signals from Japan's business sentiment and Chinese retail and industrial figures.
US equity futures rose as President Trump indicated a potential easing of trade tensions with China, boosting market sentiment. Traders are watching upcoming Chinese economic data and political meetings for further cues, amid cautious optimism about de-escalation in trade disputes. Meanwhile, France's credit rating was downgraded, and oil markets remain steady despite a global glut.
Dow Jones futures, S&P 500 futures, and Nasdaq futures are slightly higher after a damaging day for the stock market rally. The major indexes fell significantly on Tuesday due to weak China economic data, a banking sector warning, and rising Treasury yields. The S&P 500 and Nasdaq both dropped below their 50-day lines. Nvidia and Meta Platforms are finding support, while Apple, Microsoft, and Tesla are below their 50-day lines. IPOs Cava Group, dLocal, and Nu Holdings rallied late on earnings. The market rally is still under pressure, with few stocks flashing buy signals. Investors should remain cautious and monitor market direction and leading stocks.