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Investing.com– U.S. stock index futures edged higher Tuesday, as investors take a breather ahead of key economic data and more corporate earnings this week.
By 06:30 ET (11:30 GMT), the Dow Jones Futures contract was up 20 points, or 0.1%, S&P 500 Futures traded 5 points, or 0.1%, higher and Nasdaq 100 Futures climbed 30 points, or 0.2%.
The main indices closed lower Monday, with the S&P 500 falling 0.4%, the NASDAQ Composite down 0.1 and the Dow Jones Industrial Average 0.2% lower, edging back after hitting record levels last week.
Economic data deluge keeps Wall Street on edge
The focus this week was largely on PCE price index data, the Fed’s preferred inflation gauge, which is due on Thursday. Any signs of sticky inflation are likely to give the central bank more impetus to keep rates higher for longer- a notion that dented risk appetite in recent sessions.
But before the inflation data, markets will have to contend with a slew of key readings on the U.S. economy this week. Data on core durable goods orders, house prices, and an assortment of state manufacturing activity readings are due in the coming days.
A revised reading on fourth-quarter gross domestic product is also due this week, and is expected to show some cooling in the U.S. economy, although not to the extent that the Fed will be compelled into cutting rates early.
Several more Fed officials are also set to speak this week, after their peers largely downplayed expectations of early rate cuts by the central bank in 2024. Traders were seen pricing out expectations for cuts in May and June, according to the CME Fedwatch tool.
Q4 earnings season winds down
The fourth-quarter corporate earnings season is now coming to a close, although a slew of retailers – including Macy’s (NYSE:M), TJX Companies (NYSE:TJX) and Best Buy (NYSE:BBY)- are set to release quarterly earnings this week.
Lowe’s (NYSE:LOW) started the ball rolling earlier Tuesday, forecasting annual sales and profit below Wall Street estimates, in signs that a recovery would take longer than expected as consumer spending on home-improvement projects remained under pressure.
Elsewhere, video conferencing firm Zoom (NASDAQ:ZM) rose 12% premarket after reporting stronger-than-expected earnings, while also announcing a $1.5 billion share buyback.
On the flip side, Unity Software (NYSE:U) sank 14% after the firm said it was exiting some businesses, even as its earnings topped estimates.
Workday (NASDAQ:WDAY) fell 6% after it forecast subscription sales below expectations, while CarGurus (NASDAQ:CARG) slid 13% after posting weak guidance.
Crude gains on supply concerns
Oil prices edged lower Tuesday, handing back some of the previous session’s gains, as continued disruptions to global shipping activity in the Red Sea renewed fears of tighter supplies.
By 06:30 ET, the U.S. crude futures traded 0.4% lower at $77.28 a barrel, while the Brent contract dropped 0.4% to $81.33 a barrel.
Both oil benchmarks settled more than 1% higher on Monday after U.S.-led forces conducted new strikes on the Iran-backed Yemeni Houthis in the Red Sea, after the group continued to attack ships in the region in solidarity with Palestine over the Israel-Hamas war.
However, U.S. President Joe Biden said on Monday he hopes to have a ceasefire in the Israel-Hamas conflict in Gaza start by next Monday.
Additionally, gold futures rose 0.3% to $2,045.25/oz, while EUR/USD traded 0.1% higher at 1.0853.
(Ambar Warrick contributed to this article.)
Source: Investing.com
