Market Overview

Tuesday's Market Minute: Stocks Pause After S&P Turns Positive

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U.S. equity futures are trading lower Tuesday, putting a stop to the recent rally in stocks that pushed the S&P 500 index into positive territory year-to-date. Conversely, bond and gold futures are in the green signaling that the risk-off assets may gain some steam after the recent rally in stocks as investors take some money off the table and look for safer opportunities. Stocks ended yesterday at session highs. The S&P 500 index closed 1.2 percent higher, or 38.46 points, to 3,232.39. The end-of-day rally tipped the index into positive territory by 0.05 percent for the year after falling more than 30 percent in March due to coronavirus-related concerns. The Nasdaq-100 index, which had already settled into positive territory year-to-date, closed Monday’s session up 13.4 percent on the year. Among yesterday’s big winners was the airline sector. Both airlines and the plane-maker Boeing Co (NYSE: BA) saw a boost yesterday from positive analyst actions as the beaten-up sector begins to show signs of recovery. In addition, a few companies report earnings after the bell today, including consumer discretionary names Chewy Inc (NYSE: CHWY), GameStop Corp (NYSE: GME), and Five Below Inc (NASDAQ: FIVE). The next FOMC meeting also begins today. Officials are expected to announce leaving rates unchanged and above zero at the policy meeting announcement on Wednesday.

 

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