Wall Street futures pointed marginally higher pre-bell on Tuesday as traders evaluated valuations following recent gains, while also anticipating insights into the strategies of the nation's central bank. Market participants are particularly keen on the upcoming data from the Federal Reserve. On Wednesday, the Federal Reserve is expected to release the minutes from its policy meeting that concluded on July 31.
Then, later in the week, Federal Reserve Chair Jerome Powell will speak at the annual Fed conference in Jackson Hole, Wyoming, set for Friday. In individual stock movements, Lowe's Companies, Inc. (LOW) saw a decline of 0.9% in pre-market trading. This drop occurred despite the hardware chain reporting quarterly earnings that surpassed expectations.
However, the company also presented a tempered outlook for future sales, which likely contributed to the market's cautious response in pre-bell trading. In the bond market, yields on the benchmark 10-year U.S. Treasury notes remained below the 3.90% mark during morning trades, reflecting ongoing investor sentiment concerning the economic environment. In the futures market, major indices reflected a mixed bag of performances; the S&P 500 rose by 0.1%, the Nasdaq experienced a similar 0.1% incline, while the Dow Jones Industrial Average remained steady without notable fluctuations. Across the Pacific, Asian exchanges generally traded higher overnight.
However, markets that are sensitive to China encountered challenges as participants reacted to the news of no interest rate cuts following a recent monetary policy session by Beijing's central bank. Meanwhile, European markets exhibited a slight dip, trending lower during midday in the continent. On the economic calendar, various speakers from the Federal Reserve are scheduled to address the markets; Atlanta Fed President Raphael Bostic will take the stage at 1:35 PM, followed by Fed Vice Chair Michael Barr speaking at 2:45 PM. In premarket activity, Bitcoin has reached a trading value of $60,741.
Additionally, West Texas Intermediate crude oil prices were seen trading higher at $73.86. The 10-year U.S. Treasuries offered yields near 3.88%. Spot gold was trading impressively at $2,523 an ounce, once again testing record highs. Furthermore, traders maintained interest in economic indicators and commodities, as they pare expectations against the backdrop of Federal Reserve communications.
Key indexes such as $US30 and $US500 continue to attract attention as investors seek clarity on future market trajectories..