Stock futures opened slightly higher on Tuesday evening as traders looked forward to additional economic data on Wednesday morning.
Contracts on the S&P 500 and Nasdaq both rose slightly after the index set another record high during the regular trading day.
Major US stock indices have moved little this week. at or near record levels As traders wait for more catalysts to push stocks higher. Many have pointed to another strong company’s revenue trend as a potential source of strength. As the economy tightens while the pandemic risks in the United States recede further on Wednesday, traders will receive the latest data on the labor market in the form of the ADP̵
7;s June personal employment report, which is expected. It will underscore the continued economic recovery with employment gains for the sixth straight month.Consumer confidence is rising and points to a growing trend in American spending. The Conference Board Consumer Confidence Index rose to its highest level since February 2020 in June.
“If you look at what really drives the economy and the stock market. It’s the fact that there’s a lot of fiscal stimulus going into the economy,” David Lefkowitz, UBS’s global head of wealth management for the Americas, told Yahoo Finance. It didn’t actually happen that year. It depends on the consumer’s balance sheet.”
“It’s a lot of dry powder for continued economic profitability. And that translates to good news for future corporate profits,” he added.
Wednesday’s session is also the last day of trading in June, the second quarter and the first half of 2021 in the S&P 500 real estate index. information technology and communication services came in at the top for the March-June quarter. And only the utilities sector ended the lower quarter. For the year to date through Tuesday’s close, the S&P 500 is up 14.3%, Nasdaq 12.7% and Dow 12%.
Other asset classes have more diversified portfolios. The 10-year Treasury yield hit a year-on-year high of 1.77% in March. But it was on track to end the quarter with yields below 1.5%. West Texas Intermediate Crude Oil was 23%, with recovering energy prices along with rising energy demand and a weaker travel outlook. However, cryptocurrencies strengthened in the second quarter, and Bitcoin fell from about $59,000 at the end of March to $36,000 on Tuesday. Although it has continued to increase significantly over the years.
Ryan Detrick, LPL Financial’s chief market strategist, told Yahoo Finance, “One of our big requests is Stocks will perform better than bonds. And that’s one of the key ways we’re building our portfolio.” “We still think that’s play. Stocks are likely to outperform bonds in the second half of this year. As the economy continues to improve, open up and be led by those incomes. This will make the price doubling quite high.”
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6:15 p.m. ET Tuesday: Stock futures reverse slightly.
Here’s where the market trades overnight on Tuesday:
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S&P 500 futures (ES=F): 4,284.50, +2.5 points (+0.06%)
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Dow Jones Futures (YM=F): 34,180.00, +10 points (+0.03%)
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NASDAQ Futures (NQ = F): 14,578.25, +15.25 points (+0.1%)
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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
