Stock futures were little changed in overnight trading Tuesday after the S&P 500 notched a fresh record close.
Futures connected to the Dow Jones Industrial Average dipped 3 points. S&P 500 futures and Nasdaq-100 futures were near the flatline.
Wall Street is coming off a mixed session that pushed the Nasdaq Composite and S&P 500 to new records as Federal Reserve Chair Jerome Powell cautioned that keeping rates elevated for too long could stunt economic growth. The S&P 500 edged up 0.07%, while the Nasdaq added 0.14%. The 30-stock Dow ticked down 52.82 points, or 0.13%.
“Reducing policy restraint too late or too little could unduly weaken economic activity and employment,” said Powell, speaking to the Senate Banking Committee as part of his semiannual address to Congress on Tuesday. He continues his testimony Wednesday before the House Financial Services Committee. “More good data would strengthen our confidence that inflation is moving sustainably toward 2%,” Powell added.
Wednesday marks a light day for economic data, with a final wholesale inventories reading for May due ahead of the June consumer price index reading on Thursday. The June producer price index will follow on Friday.
Many view the upcoming CPI print as a key test for the market and the outlook for rate cuts.
“If we get a cooler print on CPI this week and if get a cooler print on PPI, September will get priced in as a lock,” Liz Young Thomas, SoFi’s head of investment strategy, said on CNBC’s “Closing Bell” on Tuesday, cautioning that at some point, cooler data may become too cool.
Income-seeking investors snapped up these ETFs in June to the tune of $1.6 billion, State Street says
Investors went into risk-on mode in the fixed income world in June, as exchange traded funds holding bank loans and collateralized loan obligations saw more than $1.6 billion in flows, State Street found.
The funds have seen 13 consecutive months with inflows, receiving more than $18 billion in that period, according to Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisors.
Select offerings in the space tout 30-day SEC yields exceeding 6%.
Learn more about these higher yielding ETFS here.
–Darla Mercado
Tesla notches 10 consecutive winning days
The electric vehicle maker posted a 3.7% gain on Tuesday, marking a 10th straight positive session for Tesla.
Since its last down day – June 24 – the stock has advanced roughly 43%. In the past month, the stock is up nearly 48%.
Even with the sharp run higher, shares are up a modest 5.6% in 2024, and they’re still off more than 4% in the past year.
This latest climb for Tesla was aided by the car manufacturer’s second-quarter production and deliveries report, posted just last week. Deliveries for the period came in at 443,956, compared to the 439,000 anticipated by analysts, per StreetAccount.
–Darla Mercado, Jason Gewirtz
Stock futures open little changed
Stock futures were little changed in overnight trading Tuesday. Futures connected to the Dow Jones Industrial Average edged down 10 points. S&P 500 futures and Nasdaq-100 futures hovered near the flatline.
— Samantha Subin