Stock futures are near flat Tuesday after the technology-heavy Nasdaq Composite closed at an all-time high. Futures connected to the Nasdaq-100 slipped 0.3%. Dow Jones Industrial Average futures pulled back 20 points, or less than 0.1%, while S&P 500 futures dropped 0.1%. Lowe’s shares rose 2% in the premarket after the home improvement retailer posted better-than-expected earnings and revenue for the first quarter. Palo Alto Networks dropped roughly 7%. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG. Those moves come after a mixed day on Wall Street. The Nasdaq Composite notched a new intraday and closing high, lifted by Nvidia. The broad S&P 500 inched up nearly 0.1%. But the blue-chip Dow slipped almost 200 points, dragged down by a 4.5% drop in JPMorgan Chase after CEO Jamie Dimon said his retirement may be sooner than expected and that the financial giant would not repurchase many shares at their current prices. Monday’s action follows a notable week on Wall Street amid renewed hopes about the state of inflation and monetary policy. The Dow ended Monday’s session below the closely watched 40,000 level, after closing above it for the first time last week. “The disinflation story is still intact,” said Keith Buchanan, portfolio manager at Globalt Investments. “The market’s going to continue to drift higher if earnings can confirm the stickiness of the corporate profitability,” he added. But “that could lead to a market where we could be somewhat range bound, perhaps even drift lower.” Investors will monitor speeches from several Federal Reserve speakers including Governor Christopher Waller, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic. Traders will be watching closely for any insights into the future path of interest rates. U.S. Treasury yields were little changed on Tuesday as investors considered the path ahead for inflation and interest rates following a series of remarks from Federal Reserve speakers. At 8:31 a.m. ET, the yield on the 10-year Treasury was down by less than 1 basis point to 4.432%. The 2-year Treasury yield was last at 4.835% after slipping by less than one basis point. Hong Kong’s Hang Seng index led losses in Asia-Pacific markets on Tuesday, falling about 2% as basic material and industrials stocks fell. The CSI300 on mainland China dropped 0.4% to end at 3,676.16, and retreating from an eight-month high. South Korea’s Kospi fell 0.65% to finish at 2,724.18, while the small-cap Kosdaq lost 0.07% to 846.51. Japan’s stocks reversed earlier gains, with the Nikkei 225 ending down 0.31% at 38,946.93 and the broad-based Topix 0.3% lower at 2,759.72. Both indexes snapped a three-day winning streak. Australia’s S&P/ASX 200 slipped 0.15% and ended at 7,851.7 as investors assessed the minutes of its central bank May meeting, which revealed the RBA considered raising rates due to higher inflation risks. Crude oil futures fell more than 1% on Tuesday in the absence of major market catalysts to support prices. U.S. crude oil and global benchmark Brent have traded in a $3 range this month since selling off from April highs after traders rolled back geopolitical risk premium as fears of a wider Middle East war eased. Investors are now focusing more on fundamentals but the lack of near-term catalysts will likely keep prices rangebound for the time being, Helima Croft, head of commodity strategy at RBC Capital Markets, told clients in a Tuesday note. West Texas Intermediate June contract: $78.31 a barrel, down $1.49, or 1.87%. Year to date, U.S. crude oil is up 9.3%. Brent July contract: $82.22, down $1.49, or 1.78%. Year to date, the global benchmark is up 6.76%. Gold prices slipped on Tuesday as U.S. Federal Reserve policymakers stuck to a cautious tone on monetary policy and investors locked in profits after bullion hit an all-time high in the previous session. Spot gold last fell 0.05% at $2,423.97 per ounce, after scaling a record high of $2,449.89 on Monday. U.S. gold futures fell 0.43% at $2,428.10.
Roodeweg 222, Willemstad, Curaçao