US benchmark equity indexes exhibited positive momentum in the pre-market hours on Tuesday, signaling a potential upbeat opening for traders eager for economic updates. As the market participants keenly anticipate the forthcoming producer price index data, which tracks wholesale price movements, the Standard & Poor's 500 climbed by 0.4%, while the Dow Jones Industrial Average saw an uptick of 0.3%.
Additionally, the Nasdaq composite added 0.5%, indicating a robust start to the trading day. The global markets reflected this optimism, with most Asian exchanges trending upward and European bourses experiencing similar gains during midday trading. Investors are particularly focused on the producer price index report scheduled for release at 8:30 AM ET, which is expected to shed light on inflationary trends.
Furthermore, the National Federation of Independent Business reported a notable increase in the small business optimism index, rising by 3.4 points to reach 105.1 in December, reinforcing the positive sentiment in the business community. Noteworthy speeches from influential figures in the financial sector will take place later in the day, with Kansas City Federal Reserve Bank President Jeffrey Schmid addressing the public at 10 AM, followed by New York Fed President John Williams at 3:05 PM. In the realm of corporate developments, shares of H&E Equipment Services witnessed a staggering increase of 104% in pre-market trading following the news that the company has agreed to be acquired by United Rentals in a substantial deal valued at approximately $4.8 billion, which includes $1.4 billion in debt.
This acquisition reflects the ongoing consolidation trends within the equipment rental sector, indicating a robust market appetite. KB Home, another major player in the housing industry, saw its shares advance by 9.4% in pre-market trading after it reported fiscal fourth-quarter results that surpassed expectations.
This positive performance is indicative of the resilient housing market amid current economic conditions. On the contrary, biotech firm Moderna faced a slight decline of 1% after a significant drop of 17% in the previous session, suggesting ongoing volatility in the biotechnology sector. Trump Media & Technology experienced a dip of 4.7%, while XPeng's US-listed shares rebounded by 9.1%, highlighting the variance in performance among tech-centric entities. As the trading day progresses, Applied Digital is set to unveil its latest financial results after the market close, which could further influence market sentiment. In other notable market activities, Bitcoin traded up 3.9% at $96,533 before the opening bell, showcasing investor interest in cryptocurrency amidst evolving financial landscapes.
West Texas Intermediate crude oil experienced a minor decline of 0.4%, trading at $78.54 a barrel, while yields on 10-year Treasuries eased by 1.9 basis points to 4.79%. Gold, on the other hand, showed slight improvement, edging 0.1% higher to $2,680 an ounce, reflecting its status as a safe-haven asset during uncertain times..