U.S. stock futures were mostly higher on Tuesday as Wall Street counted down to key inflation data. Futures tied to the S&P 500 (ES=F) rose 0.2%, while those on the tech-heavy Nasdaq (NQ=F) rose 0.3%. Dow Jones Industrial Average futures (YM=F) hovered just below the flatline.
Investors are eagerly awaiting several economic data points this week, starting with the final reading on consumer prices, expected Wednesday morning. The July retail sales reading, a key indicator of the health of the U.S. consumer, is expected to follow on Thursday.
Wall Street is coming off an unusually dull day after more than a week of volatility. The S&P 500 and Nasdaq continued to slowly build toward the highs the indexes saw Monday before a three-day selloff wiped out a significant portion of those year-to-date gains.
Home Depot (HD) was the top name on Tuesday’s earnings call. Shares of the home improvement retailer fell after it lowered its outlook for comparable same-store sales for the rest of the year.
Another individual gainer was Nvidia (NVDA), which rose more than 1% in premarket trading after a 4% gain on Monday after analysts at Bank of America named it a top “rebound” stock.
Shares of Trump Media (DJT) fell another 3% after former President Donald Trump returned to the X platform and participated in a live event with CEO Elon Musk. Shares are near their lowest price levels since the company’s Nasdaq debut in March.
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The morning chart is a compliment from BofA
Bank of America’s August survey of fund managers has been released and it’s clear that investors are concerned about the growth outlook.
The chart below shows a decline in global growth expectations, following a series of negative economic surprises this month (particularly in the US).
Growth expectations are falling. (BofA)
