Check back for updates throughout the trading day
U.S. equity futures moved lower in early Tuesday trading, while Treasury yields and the dollar held steady, as investors adopted a cautious stance heading into tonight’s presidential debate while looking to a key inflation report later in the week.
Stocks finished firmly higher on Monday, with the S&P 500 rising 1.16% by the close of trading, matching gains for the tech-focused Nasdaq, as investors looked to claw back losses from last week’s slump, the worst in more than a year.
Bereft of major economic data releases, and nearing the end of the second quarter earnings season, markets are largely moving on sentiment this week as investors wait for Wednesday’s August inflation report while eying the Federal Reserve’s September 18 policy decision.
However, even with the Atlanta Fed’s GDPNow forecasting tool being upgraded to a current quarter growth rate of 2.5% on Monday, markets continue to fret over perceived recession risks and a Fed policy error.
Related: Bond market sends startling signal for stocks
Global oil prices partly reflect those growth concerns, and continued their weeks-long selloff in overnight trading with Brent crude futures, the global benchmark, falling another 93 cents to $70.91 per barrel, the lowest since late last year.
Uncertainty tied to the U.S. presidential race is also a factor in the market’s recent slump, as polls continue to show an effective dead-heat between Vice President Kamala Harris and former President Donald Trump.
The pair will face off this evening in their first, and likely only, televised debate on Disney-owned DIS ABC later this evening.
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 suggest a 4 point opening bell decline while those linked to the Dow Jones Industrial Average are priced for a 10 point pullback. The Nasdaq, meanwhile, is called 53 points lower.
Stocks on the move include Apple (AAPL) , which fell 1.2% in premarket trading to $218.30 each following its iPhone 16 launch event yesterday, which unveiled a series of new AI features that will roll out over the coming months.
The tech giant also lost its years-long battle to avoid a $14.4 billion tax payment to the Republic of Ireland.
Oracle (ORCL) shares were also active, surging 8.8% to $152.20 each after the cloud-focused software group topped Street forecasts for its fiscal first quarter earnings.
More Wall Street Analysts:
Analyst says Intel should drop a key business to surviveAnalysts adjust Bookings.com stock price target on travel marketAnalysts place bets on Las Vegas strip casino stocks
In overseas markets, European stocks were little-changed in early trading, with the Stoxx 600 benchmark rising 0.06%, with Britain’s FTSE 100 falling 0.42% thanks in part to the ongoing weakness in oil and commodities markets.
Overnight in Asia, mixed trade data from China, which showed the fastest exports in more than a year last month paired with muted domestic demand, kept a lid on the regional MSCI ex-Japan benchmark in check, which rose just 0.11%, while the Nikkei 225 fell 0.16% in Tokyo.
Related: Veteran fund manager sees world of pain coming for stocks
