Lower futures point to a weak start for U.S. stocks Tuesday morning. The focus will be on Fed Chair Jerome Powell’s speech at an European Central Bank event.
Investors also await the Jobs Opening and Labor Turnover Survey (JOLTS) for the month of May, due at 10 AM ET.
Later in the week, the Labor Department’s closely watched monthly jobs report is due. The data, due on Friday, is expected to show a slowdown in the pace of job growth in the month of June. The report could impact the outlook for interest rates.
On the political front, the U.S. Supreme Court’s ruling that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office, has stoked speculation about the possibility of another Trump presidency.
The Dow futures are down 0.37 percent, the S&P futures are lower by 0.45 percent, and the Nasdaq futures are drifting down by about 0.55 percent.
With the market set to close early on Wednesday, and remain closed on Thursday for Independence Day, activity is likely to remain lackluster at times, and the volume of business may remain thin.
On Monday, stocks closed higher, with those from the tech sector turning in a fine performance.
The Dow ended higher by 50.66 points or 0.13 percent, at 39,169.52. The S&P 500 advanced 14.61 points or 0.27 percent to 5,475.09, while the Nasdaq climbed 146.70 points or 0.83 percent to 17,879.30.
In overseas trading today, Asian stocks turned in a mixed performance as investors pondered what the U.S. Supreme Court’s immunity decision meant for former President Donald Trump.
Chinese and Hong Kong markets advanced after data showed the downturn in China’s residential real estate sector slowed further in June.
European stocks are down firmly in negative territory, weighed down by a rise in U.S. Treasury yields after the U.S. Supreme Court ruled that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office.
The landmark decision at the height of an election season stoked speculation about the possibility of another Trump presidency after last week’s poor debate performance by incumbent Joe Biden.
In commodities, West Texas Intermediate Crude oil futures are up $0.67 or 0.8% at $84.05 a barrel. Gold futures are down $4.40 or 0.17% at $2,334.50 an ounce.
In the currency market, the dollar index is up marginally at 105.98. Against the Euro, the dollar is trading at 1.0720, up from Monday’s close of 1.0741. Against the Japanese currency, the dollar is trading higher, fetching 161.661 yen a unit.
Business News
U.S. Stocks Likely To Open On Subdued Note
2024-07-02 11:30:04
