As traders gear up for the presidential election debate scheduled for this evening, Wall Street futures are reflecting a predominantly sideways movement before the opening bell on Tuesday. Anticipation is building around the upcoming August consumer price index (CPI) report, which is set for release prior to market opening on Wednesday.
Currently, futures indicate that the S&P 500 is holding steady, while the Nasdaq has faced a slight decline of 0.1%. The Dow Jones remains unchanged as investors await further economic indicators. In a recent update from the Atlanta Federal Reserve, the GDPNow tool has projected a robust 2.5% real annual growth rate for the third quarter, indicating optimism about the economic recovery.
Meanwhile, Asian markets showed mixed results overnight, as European indices maintained a steady trajectory during midday trading across the continent. In notable pre-market activity, Oracle Corporation (ORCL) has experienced a significant rise of 7.7% following the release of its fiscal Q1 earnings.
The business software developer reported earnings and revenue figures that exceeded market expectations, reflecting strong operational performance. Additionally, Academy Sports and Outdoors (ASO) is scheduled to announce their earnings before the opening bell, generating interest among investors. On the economic calendar, Michael Barr, the vice chair of the Federal Reserve, is set to deliver remarks at 10 am ET, which could influence market sentiment and trading strategies.
Market data shows that Bitcoin is currently trading at $57,139, whereas West Texas Intermediate crude oil has slipped lower to $68.11. The yield on 10-year US Treasuries stands at 3.72%, and spot gold is being traded at $2,307 per ounce, demonstrating the ongoing fluctuations in commodity prices. Ultimately, as these events unfold, market participants are closely monitoring how the political landscape and economic data releases will impact trading strategies in the days ahead.
With key figures scheduled to speak and crucial reports on the horizon, it remains to be seen how these will influence investor sentiment and market performance moving forward..