U.S. stocks were indicated to trade tepidly on Tuesday, as investors kept watch on the spread of COVID-19 and searched for fresh catalysts to keep pushing equities higher. Energy prices, meanwhile, were rebounding from a sharp rout.
Where are markets trading now?
- Dow Jones Industrial Average futures YM00, -0.05% were modestly lower at 34,979, down 19 points, or less than 0.1%.
- S&P 500 futures ES00, -0.01% were less than a point lower at 4,424.75
- Nasdaq-100 futures NQ00, +0.11% climbed 14.25 points, or just under 0.1%, to 15,139.50.
On Monday, the Dow industrials DJIA, -0.30% fell 106.66 points, or 0.3%, to end at 35,101.85. The S&P 500 index SPX, -0.09% fell 4.17 points, or 0.1%, to finish at 4,432.35. The Nasdaq Composite Index COMP, +0.16% rose 0.2% to close at 14,860.18, or 24.42 points higher.
What’s moving markets?
Stocks were set for modest moves as assets traded within records, with the highly contagious delta variant of coronavirus and its potential impact on global growth remaining in focus. Even a rebound for crude-oil prices from a three-week low on Monday wasn’t proving much inspiration.
Prices plunged on worries over the delta variant spread of coronavirus in China and moves in that country to clamp down on infections that some worry could hit the economy. West Texas Intermediate crude for September delivery CLU21, +1.77% CL00, +1.77% was up 2% to $67.95 a barrel, while October Brent BRNV21, +1.42% BRN00, +1.42% rose 1.6% to $70.18 a barrel.
Read: Commodity prices in retreat, with lower China imports likely here to stay, says forecaster
Elsewhere, gold prices GCZ21, +0.31% moved about 0.3% higher to $1.731.20 an ounce. Gold slid 2% and ended at its weakest levels since March on Monday, while also suffering a flash crash that sent it 5% lower at one point during Asian trading.
European stocks SXXP, +0.27% were modestly higher, while Asian equities saw a mostly positive session, with the China CSI 300 index 000300, +1.16% climbing 1.1%.
Investors are waiting on the NFIB small business optimism index and preliminary second-quarter productivity and unit labor costs. Chicago Federal Reserve President Charles Evans will hold a press conference at 2:30 p.m. Eastern.
“Remember the big data point this week is tomorrow’s U.S. CPI number: forecast +0.4% vs +0.9% for June, while core is seen at +0.4% vs +0.9% in June. However, the jawboning we are seeing from Fed speakers already this week indicates that [Fed Chair] Jay Powell is ready to make the leap,” said Neil Wilson, chief market analyst at Markets.com, in a note to clients.
Wilson highlighted comments on Monday from Atlanta Fed President Raphael Bostic, who said conditions were ripe to begin progressing with tapering.
Which companies are in focus?
- Shares of AMC Entertainment Holdings AMC, +3.36% climbed 10% in premarket trading after the movie-theater chain reported a narrower quarterly loss late Monday, and a deal with AT&T’s T, -0.39% Warner Bros. over showing its movies in theaters before streaming.
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