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Dow futures pull again after one other spherical of information

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Stock index futures fell slightly on Tuesday, signaling a modest decline a day after key benchmarks hit another round of all-time highs on optimism about the potential for another large round of relief spending.

What are the most important benchmarks doing?
  • Futures on the Dow Jones Industrial Average YM00 (-0.24%) fell 66 points, or 0.2%, to 31,202.

  • S&P 500 Futures ES00, -0.20%, fell 6.85 points, or 0.2%, to 3,901.25.

  • Nasdaq 100 Futures NQ00, -0.17%, fell 18 points, or 0.1%, to 13,665.

Shares saw moderate gains on Monday, pushing the Dow Jones Industrial Average DJIA + 0.76% to its first record high since January 20, while the S&P 500 SPX + 0.74% and Nasdaq Composite COMP + + 0.95% achieved a third record in a row finished. The small-cap RUT Russell 2000 RUT (+ 2.53%) turned in profits and rose 2.5% to its own record close.

What is driving the market?

The stock rally is on the brink of breather after hitting a series of new highs in the past few days, helped by good earnings reports, progress in Congress on President Joe Biden’s budget relief plan and accelerated coronavirus vaccine adoption, and declining new case numbers analysts said.

In a diagram: The stock market is mirroring 2009/10 – and that means a retreat may be near, analysts warn

The main focus remains on the prospects for another large round of aid spending with President Joe Biden and Congressional Democrats preparing to get a package through the Senate through a process known as budget balancing that requires a simple majority. That likely means a package is closer to Biden’s $ 1.9 trillion proposal than previously expected.

The focus on additional spending and optimism in vaccine rollout is seen as positive for cyclical stocks, which are more closely linked to the business cycle.

“The better outlook for US economic activity probably explains why value and ‘old economy’ stocks are leading this recent drag, while the tech heavyweights who stay at home like Amazon, Facebook and Apple have fallen behind,” Marios said Hadjikyriacos, investment analyst at XM, in a note.

Energy stocks were among the leaders on Monday as oil futures continued to rise and Brent crude BRN00 was -0.02%.,
the global benchmark, topping $ 60 a barrel for the first time in over a year.

However, the positive expectations regarding the economic outlook are not universal.

The optimism index compiled by the US National Federation of Independent Business fell 0.9 to 95.0 in January, its lowest level since the outbreak of the pandemic last spring

US December job vacancy data is due at 10 a.m. east.

James Bullard, president of the St. Louis Federal Reserve Bank, is expected to make remarks at 12:00 p.m. Eastern.

Which companies are in focus?
  • Drug user Eli Lilly & Co.
    LLY, + 1.98% said CFO Josh Smiley will resign after engaging in inappropriate face-to-face communications with some employees. Lilly said that Anat Ashkenazi, a 20-year veteran of the company, would replace Smiley. Shares fell 0.3% ahead of the IPO.

  • Video game maker stocks Take-Two Interactive Software Inc.
    TTWO, + 2.82%, fell 4.6% in premarket trading after a better-than-expected outlook and results were reported late Monday as sales saw a holiday surge during the COVID-19 pandemic.

  • Shares of DuPont de Nemours Inc.
    DD rose -0.11% after the materials and chemicals company reported fourth-quarter earnings and sales that exceeded Wall Street expectations.

  • Shares of Goodyear Tire & Rubber Co.
    GT, + 1.35% were higher in the premarket area after earnings and sales were reported that exceeded expectations.

  • Coty Inc.
    COTY, + 3.93% stocks were lower after the beauty products company posted adjusted earnings in the second quarter that fell less-than-expected, while sales fell slightly short of forecast.

What are other markets doing?
  • The yield on the 10 year Treasury note TMUBMUSD10Y of 1.156% fell 0.3 basis points to 1.155%. Yields and bond prices are moving in opposite directions.

  • The ICE US Dollar Index DXY, -0.36%,
    A measure of the currency versus a basket of six major competitors fell 0.4% to 90.61.

  • The oil futures have hardly changed. The US benchmark CL.1 rose 3 cents to -0.21% at USD 58 per barrel. Gold futures GC00, + 0.47%, rose 0.5% to $ 1,842.90 an ounce.

  • The pan-European Stoxx 600 Europe Index SXXP (-0.29%) fell 0.3% while the London FTSE 100 UKX (-0.08%) was flat.

  • In Asia, the Shanghai Composite SHCOMP rose + 2.01% by 2%, while the Hang Seng Index HSI in Hong Kong rose + 0.53% by 0.5% and the Japanese Nikkei 225 NIK by + 0.40% by 0 , 4%.

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