Stock futures are slightly higher Tuesday morning after major indexes posted big gains yesterday fueled by a rally in technology stocks.
Futures tied to the Dow Jones Industrial Average were up fractionally in recent trading, while those tied to the S&P 500 and the Nasdaq added 0.2% and 0.3%, respectively. The benchmark S&P 500 snapped a four-day losing streak on Monday, as stocks rebounded from their worst week in several months.
Investors are keeping a close eye on developments related to global trade, as a Thursday deadline looms for hefty tariffs to be imposed on dozens of countries. The economic data calendar is light this week, after a weak jobs report on Friday sent markets reeling, but earnings reports from major companies continue to roll in.
Palantir (PLTR) shares were up about 7% in premarket trading after the data analytics software maker late yesterday released better-than-expected quarterly numbers and boosted its outlook amid booming AI demand. Pharmaceutical giant Pfizer (PFE) rose more than 2%, while heavy equipment manufacturer Caterpillar (CAT), a Dow component, slipped nearly 2% after each of the companies reported earnings.
Shares of Advanced Micro Devices (AMD) were up 1% in premarket trading ahead of the highly anticipated release after today’s closing bell of the chipmaker’s results.
Mega-cap technology stocks were mostly higher ahead of the opening bell, though the moves were small. Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG), Amazon (AMZN), Broadcom (AVGO) and Tesla (TSLA) each rose less than 1%, while Meta Platforms (META) ticked lower. Meta, Microsoft, Amazon and Apple all reported results last week that surpassed analysts’ expectations.
The yield on the 10-year Treasury, which affects borrowing costs on a wide array of consumer and business loans, was at 4.21% this morning, up from 4.20% at yesterday’s close. The yield hit its lowest level in three months on Monday as market expectations for interest rate cuts by the Federal Reserve have increased following the weak jobs report.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.2% to 98.99, rebounding from two straight days of declines.
Bitcoin was at $113,900 recently, down from an overnight high of $115,400. The digital currency hit its lowest level in three weeks on Friday, moving as low as $112,000.
West Texas Intermediate futures, the U.S. crude oil benchmark, were down 1.3% at $65.45 per barrel, losing ground for the fifth straight session. Gold futures fell 0.2% to $3,420 an ounce, retreating after three straight days of gains.