U.S. stock futures edged lower Tuesday, ahead of data expected to show the U.S. consumer still spending at stores despite rising prices.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
fell 20 points, or 0.1%, to 35989 -
Futures on the S&P 500
ES00,
-0.10%
eased 5 points, or 0.1%, to 4674 -
Futures on the Nasdaq 100
NQ00,
-0.17%
slipped 22 points, or 0.1%, to 16166
On Monday, the Dow Jones Industrial Average
DJIA,
the S&P 500
SPX,
and Nasdaq Composite
COMP,
each ended fractionally lower. The Russell 2000
RUT,
index saw a steeper loss of 0.5%.
What’s driving markets
With bond yields at three-week highs, inflation worries were back at the forefront.
“Uncertainty about the persistence of higher inflation continues to dog investor sentiment amid ongoing speculation about the timing of interest rate hikes by the world’s major central banks. A stronger-than-expected jump in the New York Fed’s manufacturing gauge on Monday was the latest data point to highlight long-lasting supply disruptions and rising costs, giving Treasury yields a nudge up,” said Raffi Boyadjian, lead investment analyst at XM.
There’s a busy slate of economic data, including on retail sales and industrial production, for Tuesday.
Earnings from the country’s top retailers also are due. Home Depot
HD,
reported stronger-than-forecast earnings as Walmart
WMT,
is set to release results. Home Depot rival Lowe’s
LOW,
and discounter Target
TGT,
are set to report results on Wednesday.
This post was originally published on Market Watch
