July 23, 2024
U.S. stock futures stable while tech companies lag after flight to safety

U.S. stock futures stable while tech companies lag after flight to safety

[]U.S. stock index futures were little changed early Tuesday as the market paused after bank angst subsided.

How are stock-index futures trading
  • S&P 500 futures ES00, +0.01% added 4 points, or 0.1%, to 4011
  • Dow Jones Industrial Average futures YM00, +0.04% rose 90 points, or 0.3%, to 32721
  • Nasdaq 100 futures NQ00, +0.03% eased 32 points, or 0.2%, to 12756

[]On Monday, the Dow Jones Industrial Average DJIA, +0.60% rose 195 points, or 0.6%, to 32432, the S&P 500 SPX, +0.16% increased 7 points, or 0.16%, to 3978, and the Nasdaq Composite COMP, -0.47% dropped 55 points, or 0.47%, to 11769.

What’s driving markets

[]Another day without any major negative news from the financial sector allowed equity markets to mostly stand their ground Tuesday.

[]Nasdaq futures are underperforming as the calmer mood is seen reducing demand for large technology stocks with sturdy balance sheets — such as Microsoft MSFT, -1.49% and Apple AAPL, -1.23% — that have been considered safe havens in recent weeks.

[]‘’A relief ripple is helping stocks make some gains amid hopes that the volatility, which has wracked the banking sector, has eased off. Futures point to a slightly higher open in…the United States,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

[]“With contagion limited for now, hopes that the debacle will have less of an impact on global growth have ticked up a little. Reports that the flow of deposits from smaller lenders to larger banks in the United States has slowed also appear to have helped sentiment,” Streeter added.

[]The reduced concerns about a credit crunch crimping economic activity are helping push up government bond yields. The 2-year Treasury yield TMUBMUSD10Y, 3.553%, which is particularly sensitive to monetary policy, last week fell below 3.6% but was back to 4% on Tuesday.

[]“Improving risk sentiment saw investors pare back their expectations of Fed rate cuts,” said Jim Reid, strategist at Deutsche Bank.

[]An important clue to the likely trajectory of Federal Reserve policy will come on Friday when the PCE inflation gauge for February will be published.

[]Before that, Tuesday will deliver the advanced U.S. trade balance in goods, advanced retail inventories, and advanced wholesale inventories reports for February, due at 8:30 a.m. The January S&P Case-Shiller home price index and the FHFA home price index, will be released at 9 a.m., followed at 10 a.m. by U.S. consumer confidence for March. All times Eastern.

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trackAction(‘render’); function render(event) { const newWidth = window.innerWidth; if ((event && event.type === ‘hashchange’) || width !== newWidth) { width = newWidth; (ChartEngine.destroy || ChartEngine.default.destroy)(options.el); options.width = options.el.parentElement.offsetWidth; (ChartEngine.render || ChartEngine.default.render)(options, false); } }; } function trackAction(action) { if (window && window.NREUM) { const articleId = document.querySelector(‘meta[name=”article.id”]’); const metaSection = document.querySelector(‘meta[name=”article.section”]’); const pageSource = document.querySelector(‘meta[name=”page.content.source”]’); const metaType = document.querySelector(‘meta[name=”article.type”]’); const data = { insetName: ‘chartlos’, chartId: ‘dac4f17268a4c650a9dfcd9e’, chartVersion: ‘0_10_0’, chartProduct: ‘MARKETWATCH’, articleId: articleId ? articleId.getAttribute(‘content’) : ”, articleType: metaType ? metaType.getAttribute(‘content’) : ”, articleSection: metaType ? metaSection.getAttribute(‘content’) : ”, pageSource: pageSource ? pageSource.getAttribute(‘content’) : ” } window.NREUM.addPageAction( ‘chartlos:’ + action, data ); } }; })(); ]]> []Mark Newton, head of technical strategy at Fundstrat observed that the market had proved resilient “at a time when most investors are expecting stock indices to fall” and that traders should note the S&P 500 (SPX) will soon be entering the usually bullish month of April.

[]“SPX, DJIA and NASDAQ remain largely range-bound near-term as part of their uptrend from 3/13. This sideways “grind” in prices isn’t necessarily bearish; However, a move back above QQQ-314 and SPX 4040 will be necessary to help jump-start the next leg of the rally,” Newton added.

[] QQQ, -0.69% is the ticker for the Invesco ETF representing the Nasdaq 100.

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