Stock futures were little changed early Tuesday after the S&P 500 concluded the first trading session of the month at a record closing high. Futures for the S&P 500, Nasdaq-100 and the Dow Jones Industrial Average were all flat after a mixed session on Wall Street. While the S&P 500 and technology-heavy Nasdaq Composite closed at records on Monday after hitting fresh intraday highs, the Dow ended more than 100 points lower, or about 0.3%. That is despite the blue-chip index at one point topping the closely watched 45,000 level during the day. Investors awaited the October job openings report on Tuesday. It is the first in a salvo of data releases expected this week that can provide insight into the strength of the labor market. The main event will be Friday’s November payrolls report. The data arrives ahead of the Federal Reserve’s policy meeting on Dec. 17-18. Fed funds futures are currently pricing in a nearly 75% probability that the central bank lowers interest rates during its policy gathering, according to CME’s FedWatch Tool. “Labor is very important,” said Sam Stovall, chief investment strategist at CFRA Research. But “we should not see anything that would upend investors’ expectations that the Fed will cut rates again when they meet in December.” Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon. On the earnings front, investors will follow releases from Salesforce and Okta due after the bell. The benchmark U.S. 10-year Treasury yield edged higher on Tuesday as investors await data that will offer insights about the strength of the U.S. economy. The 10-year Treasury yield rose 2 basis points to 4.215% at 4:50 a.m. ET while the yield on the 2-year Treasury dipped 1 basis point to trade at 4.186%. Asia-Pacific markets rose Tuesday, tracking gains on Wall Street after the S&P 500 and the Nasdaq Composite rose to new records overnight. Japan’s Nikkei 225 traded 2.22% higher, and the Topix added 1.71%. South Korea’s Kospi was up 1.71% while the Kosdaq advanced 2.03%. South Korea’s inflation rate climbed in November to 1.5% year on year, higher than October’s inflation reading of 1.3%, and lower than the 1.7% expected by economists polled by Reuters. Hong Kong’s Hang Seng Index gained 0.65% in its final hour of trade, and mainland China’s CSI 300 was up 0.11% to close at 3,951.89. Australia’s S&P/ASX 200 rose 0.56% to close at 8,495.2. Oil prices inched down amid mixed market signals on Tuesday, with traders awaiting the outcome of an OPEC+ meeting this week. Brent crude futures fell 9 cents, or 0.13%, to $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude fell 14 cents, or 0.21%, to $67.96. “Investors are in wait-and-watch mode ahead of the OPEC+ meeting,” ANZ analysts said in a note. Sources from the producer group say it will extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting. Gold prices were steady on Tuesday as investors took a cautious stance ahead of the upcoming U.S. economic data that could provide insights into the Federal Reserve’s interest rate path. Spot gold was nearly unchanged at $2,636.50 per ounce, as of 0156 GMT, after falling as much as 1% on Monday. U.S. gold futures was flat at $2,659.00. The dollar drifted higher, making greenback-priced bullion more expensive for overseas buyers.
Roodeweg 222, Willemstad, Curaçao