Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 14, 2024.Â
Brendan McDermid | Reuters
Stock futures were flat Tuesday as the market rally took another breather, with investors looking ahead to key data slated for release later this week.
Futures tied to the S&P 500 nudged 0.1% higher, while Dow Jones Industrial Average futures slipped 25 points, or 0.05%. Nasdaq 100 futures added 0.3%.
Macy’s and Lowe’s dropped more than 2% each after offering weak guidance. On the other hand, Zoom Video and Hims & Hers Health surged 12% and 21%, respectively, following earnings reports that exceeded Wall Street expectations.
Those moves follow a losing day on Wall Street that pulled the Dow and S&P 500 off record highs seen last week. The Dow and S&P 500 slipped 0.16% and 0.38%, respectively, while the technology-heavy Nasdaq Composite inched lower by 0.13%.
“It’s kind of one of those holding-pattern days,” said Ross Mayfield, investment strategy analyst at Baird, of Monday’s session. “You’re digesting so much of what happened last week with big earnings, and then you have big data on the horizon.”
Data from the U.S. Department of Commerce released on Tuesday showed that orders for long-lasting goods declined more than expected in January, with the leading factor being a large drop in demand for transportation. Investors are also watching for more economic data on housing and consumer confidence later Tuesday morning.
Those come before January’s reading of the closely watched personal consumption expenditure price index, as well as data on personal income, due later this week. Investors will watch these releases for future clues into the health of the economy and for insights into the path of monetary policy.
“PCE has the potential to be a big catalyst in either direction,” Mayfield said. “PCE is, by far, the biggest thing to keep an eye on.”
