The gravity-defying climb faces risk, as the index futures trade narrowly mixed in early trading on Tuesday. That said, the recent gains could keep traders wary of a potential pullback. A couple of speeches by Federal Reserve officials are the lone Main Street catalysts for the day even as the market has set its eyes on Fed Chair Jerome Powell’s Jackson Hole Symposium address due Friday. Until such time, the market may remain in a wait-and-watch mode.
Given the bounce in cryptocurrencies, stocks exposed to these digital assets could gain some ground and tech stocks appear on track to preserve their upward momentum.
Futures
Performance (+/-)
Nasdaq 100
+0.12%
S&P 500
+0.04%
Dow
-0.05%
R2K
-0.06%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.04% to $559.82, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.10% to $481.76, according to Benzinga Pro data.
Cues From Last Session:
Stocks climbed solidly on Monday as the multi-session run-up continued, with support coming from weak economic data and a Fed speech that perked up hopes of an incoming Fed rate cut. Minneapolis Fed President Neel Kashkari, who is considered more of a hawk, said in an exclusive interview with the Wall Street Journal, “The balance of risks has shifted, so the debate about potentially cutting rates in September is an appropriate one to have.”
The major averages opened higher and moved roughly sideways in early trading before climbing steadily through much of the remainder of the session. The buying interest accelerated in the final few minutes of trading.
The tech-heavy Nasdaq Composite index and the broader S&P 500 index extended their winning streak to eight, and in the process, these averages settled at their highest closing levels since July 23 and July 16, respectively. The S&P 500 is now just under 60 points away from its all-time highs.
The 30-stock Dow Jones Industrial Average is on a five-session winning ...
