SPY - Wall Street Eyes Mixed Start After Memorial Day Break: Tech And Meme Stocks Gain; Analyst Says Sustained Selloff 'Unlikely' | Benzinga

Index futures point to a slightly higher opening for the market on Tuesday after the long Memorial Day weekend. This week marks a significant change, as the settlement cycle transitions from T+2 to T+1. The Securities and Exchange Commission expects this shift to reduce risks associated with unsettled trades, including credit, market, and liquidity risks.

Traders are carefully weighing each piece of economic data as they reassess the likelihood of future interest rate cuts. Speeches from Federal Reserve officials and an upcoming consumer confidence report are key factors influencing their decisions.

While the premarket shows strength in the big tech sector, suggesting potential gains on Tuesday, investors may remain cautious leading up to the inflation data release on Friday.

In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.11% to $530.04, and the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.25% at $459.11, according to Benzinga Pro data.

Cues From The Past Week 

Nvidia Corp.’s (NASDAQ:NVDA) earnings boosted tech stocks in the week ending May 24, with the Nasdaq Composite closing at a new high. However, strong economic data and the minutes from the April 30-May 1 Federal Open Market Committee meeting clouded the rate-cut outlook for the year.

The S&P 500 Index posted a marginal gain for the week but did not ...

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