The major U.S. index futures are currently pointing to a roughly flat open on Tuesday, with stocks likely to show a lack of direction following the mixed performance seen in the previous session.
Traders may take a step back to assess recent strength in the markets, which saw the Nasdaq and the S&P 500 reach new record closing highs during Monday’s session.
A relatively light day on the U.S. economic front may also keep traders on the sidelines, although the Labor Department’s report on job openings in the month of October may attract some attention.
The economic calendar picks up in the coming days, with the Labor Department due to release its closely watched monthly jobs report on Friday.
Traders are also likely to keep an eye on reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
Technology stocks had a strong session on Wall Street on Monday, although the broader market remained somewhat sluggish as investors looked ahead to upcoming economic data, including the monthly jobs report.
Among the major averages, the Dow ended down 128.65 points or 0.3 percent at 44,782.00, while the S&P 500 and the Nasdaq both closed at record highs at 6,047.15 and 19,403.95, respectively. While the S&P 500 gained 14.77 points or 0.2 percent, the Nasdaq jumped 185.78 points or 1.0 percent.
Tesla gained more than 3 percent following a rating upgrade after the company announced it was rolling out an update for its “Full Self-Driving” driver-assistance software.
Intel rallied after the company said that its CEO Pat Gelsinger retired from the company effective December 1. Gelsinger’s failure to respond to Nvidia’s competitive edge and a lack of confidence in his turnaround plans are reported to be the reason for his exit from Intel.
Advanced Micro Devices shares gained about 3 percent. Meta Platforms, Apple, Microsoft, Amazon, and Alphabet also closed higher.
Amgen, JPMorgan Chase, Honeywell, McDonalds, Verizon and Merck lost 1 to 2 percent.
On the economic front, the Institute for Supply Management released a report on Monday showing its reading on U.S. manufacturing increased by more than expected in the month of November but continued to indicate a contraction.
The ISM said its manufacturing PMI rose to 48.4 in November from 46.5 in October, although a reading below 50 still indicates contraction. Economists had expected the index to inch up to 47.5.
Construction spending in the U.S. increased more than expected in the month of October, according to a report released by the Commerce Department.
The report said construction spending climbed by 0.4 percent to an annual rate of $2.174 trillion in October after inching up by 0.1 percent to a rate of $2.165 trillion in September. Economists had expected construction spending to rise by 0.2 percent.