U.S. stocks are priming for a positive start on Tuesday ahead of the release of the key August retail sales report. Traders could throng the tech space as they seek to take advantage of the recent pullback. The market and experts are divided over the magnitude of a rate cut, but a 25 basis-point cut could trigger an initial negative reaction. That said, most believe that the state of the labor market and economy could take preeminence over the rate trajectory, going forward.
The August retail sales data could be on traders’ radar on Tuesday. Fund manager Louis Navellier said a disappointing report could tilt the scales toward a bigger cut on Wednesday. Wharton professor and Wisdom Tree Senior Economist Jeremy Siegel said he would like the Fed to move quickly. But so far, the market is comfortable with the Fed funds rate reaching the three handle by the middle of next year, he added.
Futures
Performance (+/-)
Nasdaq 100
+0.61%
S&P 500
+0.38%
Dow
+0.29%
R2K
+0.36%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE: SPY added 0.38% to $564.99 and the Invesco QQQ ETF (NASDAQ: QQQ) gained 0.58% to $476, according to Benzinga Pro data.
Cues From Last Session:
Wall Street closed Tuesday’s session on a mixed note, with Apple, Inc. (NASDAQ:AAPL) leading the tech-heavy Nasdaq Composite lower, while the S&P 500 and the Dow Industrials closed in the green. The positive close by the broader gauge took the index’s winning streak to six sessions, with better-than-expected regional manufacturing data giving the thrust on a day when it traded below the unchanged line for much of the session.
The S&P 500 Index is now a step closer to its ...
