Trading in stock futures suggests sentiment could remain guarded yet again on Tuesday as traders gear up to receive data on consumer confidence and house prices and a slew of Fed speeches. With oil rebounding ahead of the November 30 OPEC+ meeting, the energy space could see some sparkle. The cautious mood reflected traders’ wariness about the recent market run-up even as they look ahead to the Federal Reserve’s preferred inflation gauge due on Thursday and speeches by Fed Chair Jerome Powell later this week.
As the market enters a seasonally strong period, especially with the Fed pivot not far away, the trajectory in the near term could be firm to the upside.
Cues From Monday’s Trading:
The major averages were lackluster on Monday before closing slightly lower, as traders chose to remain cautious following the recent market run-up. After a positive open, the Nasdaq Composite stayed mostly above the unchanged line before moving decisively lower in the final few minutes of trading.
The Dow Industrials and the S&P 500 were in the red for the bulk of the session en route to a modestly lower close.
Some degree of profit-taking was expected coming into Monday’s session as the major averages had recorded their fourth straight week of gains and were perched either at or just shy of their four-month highs
Most S&P 500 sector classes moved lower for the session, with industrial, healthcare, energy, and communication services stocks seeing moderate losses.
US Index Performance On Tuesday
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.07% | 14,241.02 |
| S&P 500 Index | -0.20% | 4,550.43 |
| Dow Industrials | -0.16% | 35,333.47 |
| Russell 2000 | -0.35% | 1,801.15 |
Analyst Color:
The S&P 500 is trading above the 12-month consensus forecast of analysts, and this is a historically bullish signal, said analysts at Renaissance Macro Research. Strategists are forced to adopt a more accommodating narrative,” they said, adding, “Yes, price leads narrative, not vice-versa.”
Futures Today
Futures Performance On Tuesday
Nasdaq 100: -0.01%
S&P 500: -0.02%
Dow: +0.05%
R2k: -0.03%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust SPY rose 0.19% to $432.25, and the Invesco QQQ ETF QQQ gained 0.42% to $359.20, according to Benzinga Pro data.
Upcoming Economic Data:
The results of two separate house price surveys are due at 9 a.m. ET. S&P Case-Shiller’s composite 20-city house price index may have increased a seasonally unadjusted 4% year-over-year in September compared to a 2.2% rise in August. The National House Finance Agency’s house price index is expected to increase 0.4% month-over-month in September versus 0.6% growth in August.
The Conference Board is scheduled to release its consumer confidence index for November at 10 a.m. ET. The headline index may have declined from 102.6 in October to 101 in November.
Among the Fed speeches scheduled for the day are:
- Fed Governor Christopher Wallace: 10 a.m. ET
- Chicago Fed President Austan Goolsbee: 10 a.m. ET
- Fed Governor Michelle Bowman: 10:45 a.m. ET
- Fed Governor Michael Barr: 1:05 P.m. ET and 3:30 p.m. ET.
The Treasury will auction seven-year notes at 1 p.m. ET.
See also: Futures Vs. Options
Stocks In Focus:
- Retail stocks could be in focus amid positive reports about Cyber Monday sales.
- Zscaler, Inc. ZS fell about 6.50% in premarket trading following the release of its quarterly results.
- PDD Holdings Inc. PDD is the notable name reporting earnings ahead of the market open.
- Those reporting after the bell include CrowdStrike Holdings, Inc. CRWD, Hewlett Packard Enterprise Company HPE, Intuit Inc. INTU, Splunk Inc. SPLK, NetApp, Inc. NTAP and Workday, Inc. WDAY.
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures rose 1.14% to $75.71 in early European session on Tuesday following Monday’s nearly 1% retreat.
The benchmark 10-year Treasury note rose 0.012 percentage points to 4.40% on Tuesday.
In the cryptocurrency market, Bitcoin BTC/USD was back above the $37,000 level, although sentiment toward the space remains muted. The U.S. dollar continued to show modest weakness among most major currencies.
The major Asian markets had a mixed session, with Taiwanese and South Korean markets clocking strong gains, while the Japanese, Hong Kong, and Singaporean markets settled in the red.
European stocks were lower in late-morning trading on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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