Wall Street futures pointed moderately higher pre-bell Tuesday as traders searched for bargains following Monday's sell-off, particularly in light of an upcoming meeting between President Donald Trump and prominent business leaders in Washington. In the futures market, the S&P 500 was up 0.3%, the Nasdaq increased by 0.4%, and the Dow Jones rose by 0.3%.
Trump is scheduled to address approximately 100 CEOs at a regular gathering of the Business Roundtable in Washington at around 5 pm ET. This meeting is anticipated to provide insights into the administration's economic agenda and its impact on various sectors. In economic news, the Job Openings and Labor Turnover Survey (JOLTS) for January is set to be released in Washington at 10 am.
Analysts are keenly awaiting this data, as it is likely to reveal critical information regarding labor market tightness and overall economic demand, both of which are pivotal for gauging the current economic landscape. Asian exchanges faced mostly lower trades overnight, while European bourses remained relatively stable during the midday trading session on the continent.
Notably, Delta Air Lines experienced a significant decline of 11.3% pre-bell, after the airline and industry titan revised its Q1 profit forecast downward late Monday in a filing with the Securities and Exchange Commission. This development may raise concerns about the broader airline industry's recovery trajectory following recent challenges. Additionally, Ferguson Enterprises and Dick's Sporting Goods are preparing to announce their earnings pre-bell, with investors closely monitoring these reports for further insights into business performance.
On the economic calendar, the National Federation of Independent Business (NFIB) Small Business Optimism Index has also shown signs of decline, dropping to 100.7 in February, down from 102.8 in January and 105.1 in December. This drop reflects shifting sentiments among small business owners, who may be reacting to various economic pressures. In the midst of the premarket activity, Bitcoin was trading at an impressive $81,806, while West Texas Intermediate crude oil saw an uptick, trading at $66.76, and the yield on 10-year US Treasuries settled at 4.22%.
Additionally, spot gold was trading at $2,913 per ounce, highlighting the ongoing fluctuations in commodities as investors navigate these uncertain times. Overall, the market's movements today may hinge on the implications of Trump's discussions with business leaders and the economic indicators to be released, which may have lasting effects on investor sentiment and market trends moving forward..