U.S. stock market index futures dipped slightly Tuesday as investors struggled to continue a strong start to the week during a busy stretch of corporate earnings. Futures tied to the Dow Jones Industrial Average fell 100 points, or 0.3%. S&P 500 futures slipped 0.3%, and Nasdaq-100 futures pulled back by 0.4%. The moves in futures comes after a solid start to the week on Wall Street. On Monday, the Nasdaq Composite led with a gain of 2.01%. The S&P 500 and Dow added 1.19% and 0.76%, respectively. It was the second straight positive day for the major averages, and all three are up in 2023. The gains have come despite an underwhelming start to earnings season and more signs that the U.S. economy is slowing, with some expected the rally to level off. “We do not see much scope for markets to rally in the near term, especially given our outlook for continued pressure on corporate profit growth,” wrote Mark Haefele, chief investment office at UBS Global Wealth Management, in a Tuesday note to clients. That’s in part because Monday’s close levels sits above the firm’s respective June and December price targets for the S&P of 3,700 and 4,000. Earnings season continues Tuesday with results from software giant Microsoft after the bell. Markets in the Asia-Pacific traded higher as Lunar New Year holidays were observed in most of the region. In Australia, the S&P/ASX 200 rose 0.44% to close at 7,490.4, following Wall Street’s tech-fueled rally ahead of major earnings reports. New Zealand’s S&P/NZX 50 pared earlier gains and last traded slightly below the flatline. The Nikkei 225 rose 1.46% to end its session at 27,299.19 and the Topix gained 1.42% to close at 1,972.92. Markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Singapore are closed for a holiday. Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China. Brent crude was down 30 cents, or 0.3%, at $87.89 a barrel by 1010 GMT. U.S. West Texas Intermediate (WTI) crude fell 35 cents, or 0.4%, to $81.27. Gold prices rose on Tuesday as the dollar’s retreat amid expectations for a less-aggressive interest rate hike strategy from the U.S. central bank made bullion a more attractive bet. Spot gold was up 0.3% at $1,936.32 per ounce by 0923 GMT. U.S. gold futures gained 0.5% to $1,937.70. The dollar index dipped 0.2%, making greenback-priced bullion cheaper for many buyers.
Roodeweg 222, Willemstad, Curaçao