Stock futures were flat Tuesday as the market rally took another breather, with investors looking ahead to key data slated for release later this week. Futures tied to the S&P 500 nudged 0.1% higher, and Dow Jones Industrial Average futures slipped 4 points, or 0.01%. Nasdaq 100 futures added 0.2%. Macy’s and Lowe’s dropped more than 2% each after offering weak guidance. On the other hand, Zoom Video and Hims & Hers Health surged 12% and 21%, respectively, following earnings reports that exceeded Wall Street expectations. Those moves follow a losing day on Wall Street that pulled the Dow and S&P 500 off record highs seen last week. The Dow and S&P 500 slipped 0.16% and 0.38%, respectively, while the technology-heavy Nasdaq Composite inched lower by 0.13%. “It’s kind of one of those holding-pattern days,” said Ross Mayfield, investment strategy analyst at Baird, of Monday’s session. “You’re digesting so much of what happened last week with big earnings, and then you have big data on the horizon.” Looking ahead, investors will watch Tuesday for economic data on durable goods, housing and consumer confidence. Those come before January’s reading of the closely watched personal consumption expenditure price index, as well as data on personal income, due later this week. Investors will watch these releases for future clues into the health of the economy and for insights into the path of monetary policy. “PCE has the potential to be a big catalyst in either direction,” Mayfield said. “PCE is, by far, the biggest thing to keep an eye on.” U.S. Treasury yields declined Tuesday as investors considered economic data and the state of the economy. At 7:14 a.m. ET, the yield on the 10-year Treasury yield was down by nearly 3 basis points at 4.27%. The 2-year Treasury yield was last trading at 4.687% after dipping by around 3 basis points. Asia-Pacific markets traded mixed Tuesday, with Hong Kong stocks leading the declines and Japan’s Nikkei 225 giving up gains from earlier in the session. Trading sentiment was subdued following a pause in Wall Street’s rally on Monday as its key indexes retreated from record highs. Japan’s Nikkei 225 traded 0.1% higher to close at 39,239.52. It had hit a record high in the previous session. The broader Topix index added 0.18% to close at 2,678.46. In Australia, the S&P/ASX 200 was 0.13% higher, closing at 7,663. South Korea’s Kospi edged 0.83% lower to end at 2,625.05, while the small cap Kosdaq fell 1.57% to close at 653.75. China’s CSI 300 index traded 1.2% higher to close at 3,494.79, while Hong Kong’s Hang Seng index inched up 0.69% in its last hour of trade. Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel. Both benchmarks had settled more than 1% higher on Monday. Gold prices inched up on Tuesday, buoyed by a weaker U.S. dollar and bond yields, ahead of a key inflation report and comments from Federal Reserve officials for further clues on when interest rate cuts will commence. Spot gold was up 0.2% at $2,035.23 per ounce, hovering near its highest since Feb. 7 hit on Friday. U.S. gold futures rose 0.3% to $2,044.80 per ounce.
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