US stock futures mostly pointed higher Tuesday as Wall Street counted down to key inflation data. Futures tied to the S&P 500 (ES=F) were up 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 anxious for several economic datapoints this week. Those kick off with the latest reading on consumer prices, which is due Wednesday morning. July’s retail sales reading, a key indicator of the health of the US consumer, is set to follow on Thursday.
Wall Street is coming off an unusually boring day after more than a week of volatility. The S&P 500 and Nasdaq on Monday continued slowly building back toward the highs the indexes saw before a three-day sell-off wiped out a decent chunk of those year-to-date gains.
Home Depot (HD) was the most significant name on the earnings docket Tuesday. The home-improvement retailer’s shares fell after it cut its outlook on comparable same-store sales for the rest of the year.
In other individual movers, Nvidia (NVDA) gained over 1% in premarket trading, building on a 4% gain on Monday as analysts at Bank of America named it a top “rebound” stock.
Shares of Trump Media (DJT) were down 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-ever price levels since the company’s March debut on the Nasdaq.
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Chart of the morning comes compliments of BofA
The Bank of America fund manager survey for August is out, and it’s clear that investors are worried about the outlook for growth.
The below chart shows a plunge in global growth expectations, which follows a steady drumbeat of negative economic surprises this month (mostly in the US).
Growth expectations take a dive. (BofA)
