The Dow futures are up nearly 500 points ahead of retail sales and the Fed’s comments

The U.S. stock index futures rose on Tuesday, with the technology sector ahead of a batch of economic data, including comments from several Federal Reserve speakers, including April retail sales and chairman Jerome Powell after the session.

WMT of Walmart,
+ 0.11%
Earnings are due Tuesday.

How is stock-index futures trading?
  • S&P 500 Futures ES00,
    + 1.62%
    61.25 points or 1.5% higher at 4,065.75

  • Dow Jones Industrial Average Futures YM00,
    + 1.27%
    482 points or 1.5% increase to 32,638

  • Nasdaq 100 Futures NQ00,
    + 2.02%
    261 points or 2.1% to 12,507

Monday, Dow Industry DJIA,
+ 0.08%
The S&P 500 SPX ended up less than 0.1% at 32,223.42,
-0.39%
0.4% lower at 4,008.01 and Nasdaq Composite Comp,
-1.20%
Losses for the three main indices followed another losing week at 11,662.79, down 1.2%.

What is driving the market?

With Nasdaq futures rising after a bullish session on Hong Kong’s Hang Seng Index HSI, investors were determined to close a rough start to the week.
+ 3.27%,
Which closed up 3.2%.

Pinduoduo Inc. US-listed shares of Chinese technology names rallied with PDD,
+ 0.32%
And Tencent Music Entertainment Group TME,
+ 1.22%
Alibaba Group Holdings BABA, up 7% in each premarket
-1.72%
Over 6% and NetEase Inc. NTES,
+ 0.85%
Profit of more than 3%.

JPMorgan on Monday raised ratings for stocks of seven Chinese technology companies, from underweight to overweight. “Only in March did the bank’s analysts call the sector ‘non-performing,'” Neil Wilson, Markets.com’s chief market analyst, said in a note to clients.

Market observers are trying to determine if stocks have fallen enough to ensure a bounce for hard-hit equities, especially in the tech sector.

Bank of America’s May Global Fund Manager on Tuesday showed the highest cash levels in the United States since the September 11, 2001 attacks, the largest short position in technology stocks since August 2006 and the largest equity underweight since May 2020.

According to economists surveyed by the Dow Jones Newswire and The Wall Street, investors will receive a new batch of U.S. economic data, before retail sales in April will be at 8:30 a.m. and are expected to rise 1% from 0.7% in March, the journal said.

The April industrial production and capacity utilization will then be at 9:15 a.m. Eastern and the National Association of Home Builders Index at 10 a.m. May with Eastern and March business listings.

Federal Reserve Chairman Jerome Powell will speak to the Wall Street Journal at 2 p.m.

In addition to the stock index futures, Treasury Yield rose 3 basis points to 2,909% with the 10-year note BX: TMUBMUSD10Y and the 3-year BX: TMUBMUSD03Y rose 6 basis points to 2.909%.

Watch interviews with CEOs of companies including Fed Chairman Jerome Powell, Wells Fargo, Moderna and Fanduel. Register for Virtual Access at The Wall Street Journal’s Future of Everything Festival, May 17-19. (Select Virtual Pass for admirable access.)

Which company is the focus?
  • Shares of Twitter Inc.
    TWTR,
    -8.18%
    The latter fell 2.7% in premarket trading Tesla Inc.
    TSLA,
    -5.88%
    CEO Elon Musk tweeted that his $ 44 billion deal for Twitter could “not go ahead” without more data on spam bots. Twitter, meanwhile, said in a statement filed with the US Securities and Exchange Commission that it was committed to a দ্বারা 54.20 per share purchase agreement by Musk.

  • Home Depot Inc.
    HD,
    -0.01%
    Shares in Premarket rose 4.5% after losing home-improvement retailer first-quarter revenue and Wall Street forecasts.

Leave a Reply

Your email address will not be published.