Pre Open US - US Indices 6 Sep 2023

The Dow closed nearly 200 points lower on Tuesday, representing a decline of approximately 0.6%. In the same session, the S&P 500 and Nasdaq Composite also saw decreases of 0.4% and nearly 0.1%, respectively. Before the market opening, Roku shares surged by over 10% following the announcement of several cost-cutting measures, including layoffs.

One of the contributing factors to this downward trend was the rise in oil prices, reaching their highest level since November. This increase was driven by the decision of Saudi Arabia and Russia to extend their voluntary supply cuts. On Wednesday, West Texas Intermediate futures experienced a 0.7% decline, trading at $86.07.

Investors are eagerly awaiting economic data scheduled for release on Wednesday morning, specifically focusing on the US trade deficit and the services industry. Additionally, in the afternoon, a new beige book summarizing economic activity will be published.

Furthermore, notable stocks such as GameStop, American Eagle Outfitters, and ChargePoint are set to announce their earnings after the closing bell.

Nasdaq continues displaying signs of strength by surpassing the 15,300-resistance level and heading towards the 16,000 mark, its previous peak. This higher level presents a formidable challenge for further advancement.