Wall Street markets showed little change on Thursday morning, fluctuating between slight gains and losses, as investors awaited further corporate earnings reports and the latest labor market statistics.
Futures for the S&P 500 were down by less than 0.1%, with the Dow Jones and Nasdaq futures hovering near flat lines.
In terms of corporate performance, Deere & Co., the agricultural equipment producer, saw its shares plummet by 5.2% following a report that detailed a staggering 30% decline in sales for the fourth quarter, alongside a 50% drop in profits. The company indicated it is prioritizing inventory reduction amid the uncertain market landscape faced by its clientele.
Conversely, Cisco Systems experienced a robust gain of 6.4%, as the networking giant exceeded Wall Street’s targets for sales and profits, driven by rising customer demand for artificial intelligence infrastructure.
In another noteworthy development, Reddit, the popular online platform, declined by 12% despite surpassing Wall Street’s expectations for its fourth-quarter sales and profits, reporting a staggering loss of nearly half a billion dollars in the past fiscal year.
Investors are also looking forward to the U.S. government’s upcoming report on unemployment benefits claims, which serves as a critical indicator of layoffs happening across the country.
Meanwhile, European markets showed significant gains at midday, buoyed by the news that U.S. President Donald Trump and Russian President Vladimir Putin would initiate discussions regarding an end to the ongoing conflict in Ukraine. France’s CAC 40 index rose by 1.3%, while Germany’s DAX experienced a 1.6% increase. In contrast, Britain’s FTSE 100 index saw a decrease of 0.6%.
The promise of a potential pause on recently imposed tariffs by Trump contributed to a sense of optimism within Asian markets.
Despite the positive sentiment overseas, Wall Street faced a downturn on Wednesday, prompted by a concerning report indicating worsening inflation for American citizens.
In Asia, Japan’s Nikkei 225 index soared by 1.3%, closing at 39,461.47. Australia’s S&P/ASX200 index saw a modest increase, edging up nearly 0.1% to finish at 8,540.00, while South Korea’s Kospi gained 1.4%, reaching 2,583.17. However, Hong Kong’s Hang Seng index lost earlier gains, dropping by 0.2% to settle at 21,814.37, and the Shanghai Composite index declined by 0.4%, finishing at 3,332.48.
In the oil market, prices continued their overnight decline following Trump’s announcement regarding the initiation of “negotiations” with Russia over the Ukraine conflict, which could potentially free up the flow of crude oil globally.
In energy trading, benchmark U.S. crude saw a decline of $1, ending at $70.37 a barrel, while Brent crude slipped 99 cents to $74.19.
When it comes to the currency market, the U.S. dollar fell to 153.94 Japanese yen from the previous 154.31, while the euro appreciated slightly to $1.0394, up from $1.0386.
