Wall Street futures pointed moderately higher pre-bell Tuesday as traders weighed large overnight equity-market gains in Asia and the possibilities for a 'soft landing' and no recession for the US economy, at least in pending quarters. In the futures, the S&P 500 rose 0.2%, looking to again test all-time highs.
Meanwhile, the Nasdaq inclined 0.3%, and the Dow Jones was up by 0.2%. Asian exchanges traded solidly higher overnight, including a significant 4.1% rise on Hong Kong's Hang Seng Index, following Beijing's announcement of a series of monetary-stimulus measures. European bourses have also tracked north midday on the continent, reflecting positive sentiment across global markets. AutoZone (AZO) is set to report earnings pre-bell, among others, which could influence market dynamics further. On the economic calendar, the Case-Shiller Home Price Index and the FHFA House Price Index, both reflecting data for July, are scheduled for release at 9 am ET.
Additionally, the Conference Board consumer confidence bulletin and the Richmond Fed Manufacturing Index, both for September, will be posted at 10 am. Federal Reserve Governor Michelle Bowman is expected to deliver remarks at 9 am, potentially offering insights into future monetary policy directions. In premarket action, Bitcoin was trading at an impressive $63,666, showing continued resilience.
West Texas Intermediate crude oil also traded higher at $72.06, while the 10-year US Treasuries offered a yield of 3.79%. Spot gold was selling for $2,635 an ounce, reflecting increased interest in safe-haven assets amidst shifting economic conditions. Overall, the market sentiment remains cautiously optimistic as investors look towards upcoming economic indicators and corporate earnings reports to guide their next moves..