Dow Jones futures surge nearly 100 points, signaling Wall Street rebound tonight

Dow Jones futures rose nearly 100 points, indicating a recovery on Wall Street. After falling yesterday

As of 8:04 p.m. Thai time, the Dow Jones Futures Index rose 98 points or 0.28% to 35,117 points.

The Dow Jones index closed down 0.13% yesterday amid concerns about the performance of Cisco Systems, a major US technology company. and Wal-Mart Company which is the largest retail company in the world

However, the market received support today from the fall in US government bond yields.

In addition, investors eased concerns about inflation and interest rate hikes by the Federal Reserve (Fed) after the US released the Consumer Price Index (CPI) and Producer Price Index (PPI) that were lower than expected.

The latest CME Group’s FedWatch Tool indicates that investors expect the Fed to maintain interest rates at 5.25-5.50% at their December 2023, January 2024, and March 2024 meetings before cutting them. Interest rate 0.25% to 5.00-5.25% at the May 2024 meeting.

Meanwhile, the market received positive factors from the fact that US President Joe Biden signed the interim budget bill. As a result, the United States has been able to avoid government shutdowns or shutdowns.

President Biden’s signature takes place After the House of Representatives and Senate approved the draft law earlier.

However, this budget is considered to be a temporary purchase of time. Before the United States faces the risk of a new shutdown in 2024 in January and February.

The budget that President Biden signed today It is not a budget for the entire fiscal year 2024. It is a budget until January 19, 2024 for important government spending. This includes construction on military projects. Veterans Affairs, Transportation, Housing, and for the Department of Energy. As for spending beyond this, there will be a budget to support it until February 2, 2024.