U.S. stock futures rose slightly Tuesday after shares fell in the ordinary session.
Dow futures rose 85 points. S&P 500 futures rose 0.27% and Nasdaq 100 futures rose 0.35%.
On Tuesday, the major averages returned their sharp gains from Monday. The Dow Jones industrial average lost 143 points, under pressure from a 2.6% drop in Intel. The S&P 500 recorded a loss of about 0.8%.
The Nasdaq Composite was the relative underperformer, down about 1.7% as Facebook, Microsoft, Amazon, Apple, Netflix and Google parent Alphabet closed lower. The benchmark for small business Russell 2000 fell 1.93%.
“On a day with little news and ahead of the upcoming news – Fed meeting and the number of jobs – investors took the opportunity to profit from yesterday’s big recovery,” said Jim Paulsen, chief investment officer of the Leuthold Group, told OilGasJobz. Tuesday’s “worst performer, technology, was yesterday’s biggest winner.”
Ten-year treasury yields, which were recently closely watched by investors, fell to 1.40% on Tuesday. Yields rose to a high of 1.6% last week, raising investors’ concerns about higher borrowing costs and inflation.
“Overall, buying on the dip is alive,” Paulsen added. “Despite a turbulent few days, the S&P 500 has risen 1.55% so far this week. It is dominated by reopening plays, including materials, industry, finance and energy, as technology is a market performer.”
President Joe Biden said late Tuesday that by the end of May, the U.S. will have a large amount of coronavirus vaccinations to vaccinate every adult in the country. That would be two months ahead of schedule. The rollout of vaccines is seen as an important part of getting Americans back to work and restoring the economy.
The private payroll data for February is due Wednesday at 8:15 p.m. This will read investors in the job market. Economists polled by Dow Jones expect 225,000 private jobs to be added in February, higher than the 174,000 added in January.
Brown-Forman, Dollar Tree and Wendy deliver quarterly earnings before the clock on Wednesday.
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