U.S. stock futures were mostly higher on Tuesday as Wall Street began the countdown to key inflation data. Futures tied to the S&P 500 (ES=F) rose 0.2%, while futures on the tech-heavy Nasdaq (NQ=F) rose 0.3%. Futures on the Dow Jones Industrial Average (YM=F) were just below the zero line.
Investors are eagerly awaiting several economic data releases this week, starting with the latest consumer price index, which will be released on Wednesday morning. This will be followed on Thursday by the retail sales index for July, an important indicator of the health of the US consumer.
After more than a week of volatility, Wall Street has had an unusually dull day. The S&P 500 and Nasdaq on Monday slowly climbed back to the highs the indexes had reached before a three-day sell-off erased much of the year-to-date gains.
Home Depot (HD) was the biggest name on earnings Tuesday. The home improvement retailer’s shares fell after it cut its forecast for comparable store sales for the rest of the year.
Among other individual stocks, Nvidia (NVDA) rose over 1% in premarket trading, extending its 4% gain on Monday after Bank of America analysts named the company one of the top “recovering” stocks.
Trump Media (DJT) shares fell another 3% after former President Donald Trump returned to the X platform and participated in a live event with CEO Elon Musk. Shares are near their lowest price levels since the company’s Nasdaq debut in March.
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This morning’s chart comes courtesy of BofA
Bank of America’s fund manager survey for August is out and it is clear that investors are concerned about the growth outlook.
The chart below shows a collapse in global growth expectations, following a steady stream of negative economic surprises this month (especially in the US).
Growth expectations are falling. (Bank of America)
