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U.S. stocks are on track for a jittery start as traders brace for a few market-moving catalysts that will pan out over the next few sessions. The index futures were narrowly mixed in early trading. A couple of house price reading and the Conference Board’s consumer confidence data may provide some cues but traders may remain mostly on the sidelines to see off Nvidia Corp.’s (NASDAQ:NVDA) earnings and Friday’s inflation data.
Looking ahead to Nvidia’s earnings, fund manager Louis Navellier said, “There may be more downside from under-delivering good news, than upside from better than hoped for news, given the stock has a P/E in the 70’s.”
“Clearly, market momentum remains positive, with rate cuts the driver in the near term, and AI the longer-term driver,” he added.
| Futures | Performance (+/-) |
| Nasdaq 100 | +0.05% |
| S&P 500 | -0.01% |
| Dow | -0.06% |
| R2K | -0.02% |
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) dipped 0.05% to $560.52, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.01% to $475.38, according to Benzinga Pro data.
Cues From Last Session
Wall Street closed Monday’s session on a mixed note, with tech weakness weighing down on the Nasdaq Composite and the S&P 500 indices. The major averages all opened higher but fell sharply in early trading. While the Nasdaq Composite and the S&P 500 indices moved sideways mostly below the unchanged line for the remainder of the session, the Dow Industrials held above the flatline, closing at a new record.
The Russell 2,000 Index, which hovered in positive terrain for the bulk of the session, retreated in the final few minutes of trading and ended marginally lower.
IT and consumer discretionary stocks were among the worst-performing S&P 500 sectors, while energy, consumer staple and utility stocks saw some strength.
| Index | Performance (+/) | Value |
| Nasdaq Composite | -0.85% | 17,725.77 |
| S&P 500 Index | -0.32% | 5,616.84 |
| Dow Industrials | +0.16% | 41,240.52 |
| Russell 2000 | -0.04% | 2,217.92 |
Insights From Analysts:
Ahead of the September Fed meeting, WisdomTree Chief Economist and Wharton professor Jeremy Siegel said the overarching economic landscape is currently stable, given the stable jobless claims data and fairly strong housing market data. The market has responded by noticeably tilting toward value, dividend-paying and smaller-cap stocks.
“This trend reflects a broader anticipation of decreasing interest rates, making bonds less attractive to stocks in comparison,” the economist said. “It also suggests a potential shift in investor preference from high growth but volatile tech stocks, to more stocks paying good dividends, a realignment that could define the next phase of market behavior.”
Upcoming Economic Data
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Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back after Monday’s strong rally and gold futures fell modestly. Bitcoin (CRYPTO: BTC) retreated below the $62.5K level. The yield on the 10-year Treasury note rose 2.1 basis points to 3.839%.
Asian stocks went about a lackluster run on Tuesday, drawing inspiration from the mixed performance on Wall Street overnight, while the European markets rose modestly amid some sour data from the region. German Federal Statistical Office confirmed that the nation’s economy contracted in the second quarter.
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