July 18, 2024

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Futures Pointing To Modestly Lower Open On Wall Street

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After ending the previous session modestly lower, stocks may see some further downside in early trading on Tuesday. The major index futures are currently pointing to initial weakness on Wall Street, with the S&P 500 futures down by 0.2 percent.

The downward momentum on Wall Street may reflect caution ahead of the release of several key economic reports in the coming days.

On Thursday, the Commerce Department is due to release its report on personal income and spending in the month of October.

The report includes readings on inflation said to be preferred by the Federal Reserve and could impact the outlook for interest rates.

Recent data has generated optimism the Fed is done raising rates, leading to strength on Wall Street that has lifted the major averages to their best levels in over three months in recent sessions.

Reports on weekly jobless claims, pending home sales and manufacturing activity may also attract attention along with the Fed’s Beige Book as well as remarks by Fed Chair Jerome Powell.

Not long after the open, the Conference Board is due to release its report on consumer confidence in the month of November. The consumer confidence index is expected to slip to 101.5 in November after falling to 102.6 in October.

Stocks showed a lack of direction over the course of the trading day on Monday, extending the lackluster performance seen during last Friday’s holiday-shortened session. The major averages bounced back and forth across the unchanged line before eventually closing modestly lower.

The Dow slipped 56.68 points or 0.2 percent to 35,333.47 and the S&P 500 dipped 8.91 points or 0.2 percent to 4,550.43, pulling back off their best closing levels in over three months, while the Nasdaq edged down 9.83 points or 0.1 percent to 14,241.02.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan’s Nikkei 225 Index edged down by 0.1 percent and Hong Kong’s Hang Seng Index slumped by 1.0…

2023-11-28 08:47:35

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