After ending the previous session mostly higher, stocks may move back to the downside in early trading on Tuesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
Uncertainty ahead of the release of key U.S. economic data in the coming days may lead some traders to cash in on yesterday’s gains.
The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve’s preferred inflation readings are likely to be in the spotlight.
Reports on third quarter GDP, pending home sales and manufacturing sector activity may also attract some attention.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Traders are also looking ahead to the release of earnings news from big-name tech companies, with Google parent Alphabet (GOOGL) and Advanced Micro Devices (AMD) among the companies due to report their quarterly results after the close of today’s trading.
Shares of Ford (F) are likely to come under pressure after the auto giant reported better than expected third quarter earnings but forecast full-year earnings toward the low end of its previous guidance.
Fast food giant McDonald’s (MCD) is also seeing pre-market weakness despite reporting third quart results that exceeded analyst estimates on both the top and bottom lines.
Meanwhile, shares of Pfizer (PFE) are likely to see initial strength after the drug giant beat third quarter estimates and raised its full-year guidance.
Shortly after the start of trading, the Conference Board is due to release its report on consumer confidence in the month of October. The consumer confidence index is expected to inch up to 99.1 in October after falling to 98.7 in September.
The Labor Department is also scheduled to release its report on job openings in the month of September. Job openings are expected to dip to 7.99 million in September after rising to 8.04 million in August.
After showing a strong move to the upside early in the session, stocks gave back ground over the course of the trading day on Monday but managed to end the day mostly higher. The major averages all finished the day in positive territory after turning in mixed performances over the two previous sessions.
The Dow advanced 273.17 points or 0.7 percent to 42,387.57, the Nasdaq climbed 48.58 points or 0.3 percent to 18,567.19 and the S&P 500 rose 15.40 points or 0.3 percent to 5,821.52.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Tuesday. Japan’s Nikkei 225 Index advanced by 0.8 percent and Hong Kong’s Hang Seng Index rose by 0.3, although China’s Shanghai Composite Index bucked the uptrend and slumped by 1.1 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.’s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index and the German DAX Index are both up by 0.3 percent.
In commodities trading, crude oil futures are jumping $1.02 to $68.40 a barrel after plummeting $4.40 to $67.38 a barrel on Monday. Meanwhile, after inching up $1.30 to $2,755.90 an ounce in the previous session, gold futures are climbing $7.80 to $2,763.70 an ounce.
On the currency front, the U.S. dollar is trading at 153.78 yen compared to the 153.29 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0777 compared to yesterday’s $1.0812.
Business News
U.S. Stocks May Give Back Ground In Early Trading
2024-10-29 12:53:56
