Advertisment
Stock futures were mixed on Tuesday, the first trading day of October and the fourth quarter, after a surprisingly strong September performance.
Futures for the Dow Jones Industrials lost 78 points, or 0.2%, to 42,565.
Futures for the S&P 500 progressed 3.75 points, or 0.1%, at 5,818.
Futures for the NASDAQ grabbed 56.5 points, or 0.3%, to 20,317,75.
The S&P 500 and the Dow notched closing records in the previous session after Federal Reserve Chair Jerome Powell said the central bank is “not on any preset course” when it comes to the next steps for rate policy. He said to expect two more cuts this year — that is, a quarter percentage point each — if the economy performs as anticipated.
September is typically the worst month of the year for stocks, but this time it broke with past trends. All three major averages posted monthly gains, and it was the first positive September for the S&P 500 since 2019. The S&P 500, Dow and NASDAQ Composite also ended the third quarter in positive territory.
Traders were also monitoring a strike by members of the International Longshoremen’s Association on the East and Gulf Coasts. While consumers may not feel the pinch immediately, the stoppage could cost the U.S. economy hundreds of millions of dollars.
Stellantis shares fell more than 1% in the premarket after the automaker said it would extend a production halt on electric Fiat 500s until next month, citing poor demand.
On the economic data front, the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey for August is due Tuesday morning. The S&P Global U.S. Manufacturing Purchasing Managers’ Index and the ISM Manufacturing PMI readings are also slated for release.
In Japan, the Nikkei 225 vaulted 1.9%, while in Hong Kong, the Hang Seng was closed for Golden Week holidays.
Oil prices dropped 0.27 cents to $67.90 U.S. a barrel.
Gold prices hiked $12.90 to $2,672.00
