U.S. stocks look set to see a turnaround on Tuesday, potentially reversing some of the losses incurred in the previous two trading sessions.
Monday, the major averages fell for a second straight session, although they closed off the lows of the session. After a negative opening, the three key averages bottomed in late morning's trading but recouped some of the losses over the course of the session.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -1.02% | 12,017.67 | |
| S&P 500 Index | -0.67% | 4,030.61 | |
| Dow Industrials | -0.57% | 32,098.99 |
The Nasdaq Composite clocked its lowest closing level since July 26 on Monday.
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +1.11% | |
| S&P 500 Futures | +0.82% | |
| Dow Futures | +0.67% |
At the time of going to press on Tuesday, the Nasdaq 100 futures are tacking on 1.11%, and the Dow and the S&P futures were advancing a more modest 0.67% and 0.82%, respectively.
Among the Main Street events of significance are two housing market readings, both due at 9 a.m. ET, consumer confidence data, scheduled for 10 a.m. ET, and a Fed speech.
The Federal Housing Finance Agency’s housing price survey is expected to show a 0.8% month-over-month increase in house prices for June, slower than the 1.40% rise in May.
The S&P CoreLogic Case-Shiller 20-city home price index for June is due. In May, the index climbed 20.50% year-over-year and by 1.53% from the previous month.
See also: S&P 500 Bracing For More Pain In September? Here's What History Tells Us
The Conference Board’s consumer confidence report for August is expected to show the index increasing from 95.7 in July to 97.5 in August.
At 11 a.m. ET, investors would get to hear from New York Federal Reserve President John Williams on the economic outlook. He is also a member of the Federal Open Market Committee, the monetary policy setting arm of the Federal Reserve.
Consumer electronics retailer Best Buy, Inc. (NYSE:BBY) is scheduled to report its fiscal year 2023 second-quarter results ahead of the market open. Earlier this week, the company cut its forecast for the quarter and the year, citing inflation-induced demand slowdown.
After the market close, Hewlett-Packard Enterprises, Inc. (NYSE:HPE) and HP, Inc. (NYSE:HPQ) as well as apparel retailer PVH Corp. (NYSE:PVH) are set to release their results.
Moderna, Inc. (NASDAQ:MRNA) and Pfizer, Inc. (NYSE:PFE)/BioNTech SE (NASDAQ:BNTX) could be in focus after a Politico report that said the FDA could authorize their bivalent omicron-specific booster shots as early as Wednesday.
Twitter, Inc. (NYSE:TWTR) shares were moving after Elon Musk sent a second termination letter to the company with additional undisclosed bases.
Most Asian markets advanced, led by the Indian market. Japan’s Nikkei 225 also gained notably, while the Chinese and Hong Kong markets bucked the downtrend.
The European markets have rallied out of the gate, although the U.K.’s FTSE 100 Index is seeing more muted optimism.
After a 4%+ rally on Monday, WTI crude oil futures are declining close to 2%.
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was rising 0.79% to $405.82 and the Invesco QQQ Trust(NASDAQ:QQQ) was moving up 1.10% to $307.76, according to Benzinga Pro data.
