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U.S. stock futures fell on Tuesday, widening losses as investors focused on big retailer profits to gauge consumer resilience amid doubts about a possible “soft landing.”
S&P 500 (^GSPC) futures and Dow Jones Industrial Average (^DJI) futures fell about 0.3% to begin the holiday-shortened week. Contracts in the tech-heavy Nasdaq 100 Index (^NDX) fell about 0.4% after three indexes ended an eventful week lower.
The quarterly reports of major U.S. retailers Walmart (WMT) and Home Depot (HD) are in order, with profits becoming the top concern as markets reopen after the President’s Day holiday. Home Depot’s stock fell, suggesting demand has not recovered amid “sticky” inflation, while Walmart’s stock soared on positive sales outlook and mood to increase its dividend.
Recent data casts doubt on the idea that the economy is headed for a future where inflation falls to the Federal Reserve’s target of 2% without a deep recession, and calls into question bets on a spring rate cut. urging a retreat.
read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards
Wednesday’s earnings call for Nvidia (NVDA) is just around the corner, seen as a potential turning point for the market. Only a handful of mega-cap stocks are driving the biggest stock gains, and any shortfall could come amid high expectations for the AI-focused semiconductor maker, which is the third-largest company by market capitalization. , there is a risk that broader stock prices will fall.
In corporate news, Discover. Financial Services (DFS) stock soared about 13% in pre-market trading. Bank by asset.
Elsewhere, calm was added to by the People’s Bank of China’s record cut in key mortgage rates to stem the worsening of the real estate crisis.
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