U.S. index futures slightly retreated in pre-market trading on Tuesday as investors prepare for the release of earnings reports from major companies.
At 6:17 AM, Dow Jones futures (DOWI:DJI) fell 4 points, or 0.01%. S&P 500 futures lost 0.15%, and Nasdaq-100 futures dropped 0.29%. The 10-year Treasury yield stood at 4.232%.
In the commodities market, oil prices slightly rose on Tuesday after falling in the last two sessions, reflecting investor caution due to the outlook of high supply and weak demand. The U.S. presidential campaign had little impact, with the focus on market fundamentals suggesting a potential future oversupply. Inventory data and attacks in Russia also influence the market.
West Texas Intermediate crude for September rose 0.33% to $78.66 per barrel. Brent crude for September rose 0.41% near $82.74 per barrel.
On Tuesday’s economic agenda, June’s existing home sales will be published at 9 AM.
Asia-Pacific markets closed mixed. In Hong Kong, the Hang Seng fell 0.94%. China’s Shanghai Composite lost 1.65%. In Japan, the Nikkei 225 retreated 0.01%. In South Korea, the Kospi rose 0.39%, and the Kosdaq advanced 0.27%. In Taiwan, the Taiex gained 2.76%, and in Australia, the S&P/ASX 200 grew 0.5%.
In June, Singapore’s consumer price index rose 2.4%, below the forecast of 2.7%. In South Korea, the producer price index increased by 2.5%. Shares of Kakao (KOSPI:035720) fell 4.63% after an arrest warrant was issued for founder Brian Kim.
European markets are mixed amid regional corporate earnings reports. The mining sector is performing poorly, while technology is advancing. Hungary will reveal its latest interest rate decision, and consumer confidence data will be released in the Netherlands and Ireland. Among individual stocks, Porsche (TG:PAH3) shares are down 3.6% after lowering its 2024 forecasts.
U.S. stocks had a significant rise on Monday. The Dow Jones rose 127.91 points (0.32%) to 40,415.44, the S&P 500 increased 59.41 points (1.08%) to 5,564.41, and the Nasdaq advanced 280.63 points (1.58%) to 18,007.57. Nvidia (NASDAQ:NVDA) stood out with a 4.8% increase, recovering after an 8.8% drop last week. Meta Platforms (NASDAQ:META) and Alphabet (NASDAQ:GOOGL) also showed strength, rising over 2% each. However, CrowdStrike (NASDAQ:CRWD) had the worst performance among S&P 500 stocks, falling 13.5% and accumulating nearly an 18% loss over the past week, reflecting ongoing investor concerns.
Joe Biden’s exit from the presidential race also positively influenced the market. Kamala Harris secured enough delegates for the Democratic presidential nomination after rapidly mobilizing support, solidifying herself as the candidate to face Donald Trump. ActBlue processed over $100 million in donations since Sunday. This shift revitalized the Democratic campaign against Donald Trump and JD Vance.
In Tuesday’s earnings reports, Spotify (NYSE:SPOT), United Parcel Service (NYSE:UPS), GE Aerospace (NYSE:GE), General Motors (NYSE:GM), Coca-Cola (NYSE:KO), Lockheed Martin (NYSE:LMT), Freeport McMoRan (NYSE:FCX), Comcast (NASDAQ:CMCSA), Polaris (NYSE:PII), Philp Morris International (NYSE:PM) will report before the market opens.
After the market closes, Tesla (NASDAQ:TSLA), Alphabet (NASDAQ:GOOGL), Visa (NYSE:V), Enphase Energy (NASDAQ:ENPH), Texas Instruments (NASDAQ:TXN), Seagate Technology (NASDAQ:STX), Chubb (NYSE:CB), CapitalOne (NYSE:COF), Cal-Maine Foods (NASDAQ:CALM), Packaging Corporation America (NYSE:PKG) are expected to release their numbers.