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Early Tuesday futures trading suggested a pause after the tech-driven rally of the previous session. Global cues were negative, with Asian markets retreating and European markets opening lower. Commodities dipped, and bond yields remained flat.
Traders may be cautious until Nvidia Corp. (NASDAQ:NVDA) releases its earnings, as analysts widely expect the AI leader to surpass ambitious targets. Additionally, a series of Fed speeches scheduled for today could provide further direction for the market.
Futures Performance (+/-)
Nasdaq 100 -0.07%
S&P 500 +0.05%
Dow +0.03%
R2K -0.36%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.10% to $530.10, while the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.07% at $454.58 according to Benzinga Pro data.
Cues From Previous Session
Optimistic assessment of the market’s trajectory by strategists and momentum helped the market to start on a positive note on Monday. IT stocks rallied hard ahead of Nvidia’s earnings, helping the Nasdaq Composite to sustain the gains through the session and end at a new record.
The S&P 500 Index and the Dow Jones Industrial Average gave back their gains throughout the session. The former closed barely in the green, while the latter ended moderately lower. In the process, the Dow dropped below the 40,000 mark and the S&P 500 ended just shy ...