Wall Street mood has become circumspect as traders gear up to receive a slew of earnings reports this week amid the market’s record run. The Nasdaq Composite has been a laggard among the major averages and it remains to be seen if the early sentiment reverses and tech stocks could finish the session with a flourish.
A spate of earnings due ahead of the market may set the tone for the day’s trading. Traders may also focus on any potential preannouncements, the results of a regional manufacturing survey and a couple of speeches by Federal Reserve officials. Energy stocks could lose their verve amid the sharp retreat in energy prices amid waning demand and supply concerns. Bond yields continue to hold firm.
Futures
Performance (+/-)
Nasdaq 100
-0.12%
S&P 500
-0.05%
Dow
-0.06%
R2K
-0.07%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.06% to $583.99 and the Invesco QQQ ETF (NASDAQ:QQQ) moved down 0.15% to $496.77, according to Benzinga Pro data.
Cues From Last Session:
Optimism concerning tech earnings season abounded on Wall Street on Monday as the S&P 500 and Nasdaq Composite Indices opened solidly higher and moved roughly sideways before closing higher. The 30-stock Dow opened lower as Boeing Co. (NYSE:BA) served as a drag, but the blue-chip average recouped its losses and moved higher in late-morning trading and stayed in the green for the remainder of the session.
As a result, the Dow and S&P 500 set fresh closing and intraday highs, with the former topping 43,000 for the first time ever. The Nasdaq Composite is just under seven points from its all-time high of 18,509.34.
All but one of the S&P 500 sector indices closed higher for the day, with energy stocks notching a marginal loss. IT and utility stocks were the biggest gainers of the session, led by Nvidia Corp. (NASDAQ:NVDA). The ...
