US futures fell on Tuesday, ahead of expected data showing that US consumers are still spending in stores despite rising prices.
What’s going on
Futures contracts based on the Dow Jones Industrial Average
down 20 points, or 0.1%, to 35989
Futures on S&P 500
down 5 points, or 0.1%, to 4674
Nasdaq 100 futures contract
down 22 points, or 0.1%, to 16166
and Nasdaq Composite
each end a fraction lower. Russell 2000
The index saw a sharper drop of more than 0.5%.
What is driving the market?
With bond yields at three-week highs, inflation fears are back at the forefront.
“Uncertainty about the existence of higher inflation continues to weigh on investor sentiment amid speculation about the timing of interest rate hikes by major central banks around the world. Raffi Boyadjian, lead investment analyst at XM, said a stronger-than-expected jump in the New York Fed’s manufacturing gauge on Monday was the latest data point to suggest a supply disruption. supply prolongs and costs rise, helping to increase Treasury yields.”
There’s a bunch of busy economic data, including on retail sales and industrial production, for Tuesday.
Earnings from the country’s top retailers are also due. Home Depot
reported better-than-expected earnings as Walmart
https://www.marketwatch.com/story/u-s-stock-futures-continue-drift-lower-ahead-of-retail-sales-report-11637060925?rss=1&siteid=rss | US stock futures continue to fall ahead of retail sales report