Stock futures rise as Dow and S&P 500 aim for 4-day winning streak
Stock futures rose Tuesday morning, putting the major averages on track to build on the previous session’s gains, as traders awaited key economic data.
Futures on the Dow Jones Industrial Average rose 139 points, or 0.4%. S&P 500 futures were up 0.4%, while Nasdaq 100 futures climbed 0.3%.
The Dow and S&P 500 are each coming off three straight positive sessions. The S&P 500 has now rebounded more than 9% since March 14.
“It’s not quite lipstick on a pig but this move does take some of the sting off of what has been a weak Q1 for equities. … The question for stocks as an asset class is whether the improvement seen in March was a bounce of impressive degree but limited duration, or the beginning of an extended rally that could carry the indexes to new highs,” Willie Delwiche, investment strategist at All Star Charts, said in a note to clients.
Consumer confidence and home price data to be released Tuesday, ahead of Friday’s monthly jobs report. Economists expect to see 460,000 jobs added in March and the unemployment rate to fall to 3.7%, according to Dow Jones estimates.
Traders were monitoring the latest developments in the Ukraine-Russia war, as peace talks get under way in Turkey. To be sure, both sides have said they are not close to reaching a deal. Ahead of the negotiations, Ukrainian Foreign Minister Dmytro Kuleba said on that “nothing is agreed upon unless everything is agreed upon.”
Meanwhile, the U.K. warned that Russian troops still pose a “significant threat” to the Ukrainian capital of Kyiv, noting that Russia is reorganizing its forces.
In fixed income, the 5-year Treasury note rose above the 30-year on Monday and held there on Tuesday, marking the first inversion since 2006. The shift stoked some recession fears, although economists typically watch the spread between the 2-year and 10-year rate, which remains positive.
“Our base case is that the US economy can avoid a recession, lowering the threat of a sustained downtrend in stocks. As such, investors should brace for higher rates—including potentially adding exposure to value and financial stocks which tend to outperform as central bank policy tightens—without overreacting by exiting equity markets,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note to clients.
On Monday, the Dow and S&P 500 rose 94.65 points and 0.7%, respectively, to notch three-day winning streaks. The Nasdaq was the big outperformer, jumping 1.3%.
Investigation continues into death of 6-year-old girl in the Bronx
Look: Diplomats amazed by Abu Dhabi Hindu temple design, craftwork
Elon Musk tweets quote by neo-Nazi wrongly attributed to Voltaire
Dry and comfortable Memorial Day
Harrison Ford and Calista Flockhart look stylish as they watch son Liam graduate from college
Earth Will Receive an ‘Alien’ Transmission From Mars This Week
This Queer Running Society Wants to Make the Sport More Inclusive
What’s Up With Mouth Taping as a Sleep Hack?
Maria Sharapova Shares the Workouts That Help Her Feel Energized as a New Mom
American women’s secret war in Afghanistan
Parsing China’s ambiguous Ukraine war mediation
Jimmy Page’s Secret Job on Led Zeppelin’s Early Albums
Russia struggling to keep its SE Asia arms markets
Billionaire Richard Li-Backed Fintech Firm MoneyHero To List In U.S. Via SPAC Backed By Peter Thiel
Prince William ‘Very Lucky’ to Marry Kate Middleton, Who ‘Gives Him What He’s Always Needed,’ According to Royal Author
News4 hours ago
GOP Senate Candidates Who Want You to Forget About Their Past Trump Criticism
Politics21 hours ago
Biden circle seeks to boost Harris ahead of 2024
Sport20 hours ago
Mikayla Demaiter embraces no bra club as she wows fans in hotpants
Travel24 hours ago
Hyatt Announces Expansion of Brand Footprint in Europe
News19 hours ago
Tragedy as girl, 4, is killed in house fire over Bank Holiday weekend
News19 hours ago
Considering Amazon Kids+? Here Are Some Tips and Tricks
Finance24 hours ago
Bitcoin Price and Ethereum Prediction: 2% Spike – More Upside Ahead?
Finance15 hours ago
XRP to Exceed All Expectations In 2023? Latest New Value Report Boosts Altcoin Forecast 100x