Editor’s Note: The future prices of benchmark tracking ETFs, the lede, and the latest economic releases were updated in the story.
U.S. stock futures were mostly higher on Tuesday following Monday’s advances. Futures of major benchmark indices were rising.
American NFIB small business optimism rose in August for the second consecutive month, driven largely by stronger expectations for future sales. While the overall optimism index climbed above its historical average, a measure of uncertainty also fell but remained at an elevated level.
Investors were gearing up for Apple Inc.‘s (NASDAQ:AAPL) annual September gathering, this year dubbed the “Awe Dropping” event, set to begin later today.
Additionally, the market is waiting for the crucial producer price inflation and consumer price inflation data slated to be released on Wednesday and Thursday, respectively.
Meanwhile, the 10-year Treasury bond yielded 4.06% and the two-year bond was at 3.50%. The CME Group’s FedWatch tool‘s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
| Futures | Change (+/-) |
| Dow Jones | 0.04% |
| S&P 500 | 0.12% |
| Nasdaq 100 | 0.20% |
| Russell 2000 | -0.02% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Tuesday. The SPY was up 0.10% at $649.51, while the QQQ declined 0.19% to $579.97, according to Benzinga Pro data.
Cues From Last Session
Sectors that gained on Tuesday saw information technology and consumer discretionary stocks buck the overall market trend, closing higher, while most S&P 500 sectors closed negatively, with utilities, real estate, and communication services stocks recording the biggest losses.
Still, U.S. stocks settled higher, with the Dow Jones index gaining more than 100 points ahead of a busy week of economic reports leading up to next week’s Federal Reserve meeting. The Nasdaq Composite also settled at a record high.
Broadcom Inc. (NASDAQ:AVGO) continued its rally, climbing another 3.2% following Friday’s 9.4% surge from blockbuster earnings, and is on track for its best two-day performance since April 9. Robinhood Markets Inc. (NASDAQ:HOOD) soared around 16% — its biggest one-day gain in five months — on news of its addition to the S&P 500 index.
On the economic front, the US Manheim Used Vehicle Value Index was reported as flat …