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U.S. stock futures rose on Tuesday, in the wake of another record close for the S&P 500, as investors eyed a crowded slate of data and Federal Reserve speakers head into the June midweek recess.
The S&P 500 index posted its highest record close of the year last night, rising 41.6 points during the session to bring the index’s year-to-date gains to about 14.75%, supported once again by huge gains in the technology sector.
The Nasdaq also closed at a new record high, and is up nearly 19% so far this year, as investors continue to push tech stocks higher on hopes that the AI technology wave will translate into strong earnings growth in the tech sector itself and beyond. .
Related: Analysts reconsider price targets for S&P 500 after record run
However, the focus in today’s session is likely to be on the health of the broader economy and the chances that slowing inflation will prompt the Fed to cut interest rates in the fall.
The Commerce Department will publish its official May retail sales estimate at 8:30 a.m. Easter time, with economists looking for a monthly increase of about 0.3%, with industrial production data due at 9:15 a.m. EDT.
A group of six Fed officials will also make public statements today as investors try to find clues about when, or if, the Fed will begin the process of cutting its key lending rate, which is at a 22-year high. Between 5.25% and 5.5%.
CME Group’s FedWatch tool pegs the odds of a September rate cut at around 61%, with similar odds for a subsequent cut in December.
In the bond market, the benchmark 10-year bond yield was trading at 4.292% at the start of the New York session and ahead of a $16 billion auction of 20-year bonds later in the session, while two-year bonds were pegged at 4.774%.
The US dollar index, which tracks the US currency against a basket of six global currencies, rose 0.16% to 105.493.
Heading into the start of the trading day on Wall Street, futures tied to the S&P 500 index are pointing to a modest gain of 8 points, while futures tied to the Dow Jones Industrial Average are pointing to a 33-point advance.
Meanwhile, the tech-focused Nasdaq rose 67 points, thanks in part to premarket gains for index heavyweight Nvidia. (NVDA) Tesla (TSLA) hail (Camel) .
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In overseas markets, European stocks rebounded from their lowest levels in six weeks, rising by 0.51% in early trading in Frankfurt, supported by strong gains for the banking sector, while the British FTSE 100 index rose by 0.41% in London.
Overnight in Asia, the Reserve Bank of Australia left its key lending rate unchanged at 4.35%, the highest in twelve years, while the Bank of Japan signaled chances of a rate hike in July, only the second move higher in seventeen years.
The Nikkei 225 rose 1% at the close of trading in Tokyo, while the region-wide MSCI ex-Japan index added 0.63%.
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