Wall Street set for muted open as focus shifts from election to economic data
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Home Depot gains after forecasting smaller drop in annual same-store sales
Novavax drops after cutting annual revenue forecast
Shopify's US-listed shares climb after quarterly revenue beat
Futures: Dow up 0.11%, S&P 500 down 0.08%, Nasdaq down 0.03%
Updated at 8:23 a.m. ET/1323 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Nov 12 (Reuters) -U.S. stocks were set for a subdued open on Tuesday as focus moved to key inflation data later in the week for more signals on the country's economic and monetary policy outlook.
The three major indexes closed at record highs in the previous session as investors broadly expect President-elect Donald Trump's proposed tax cuts and expectations of easier regulatory policies to help equities.
Some of the stocks expected to perform well under Trump's presidency gave back gains. EV maker Tesla TSLA.O, which has soared nearly 40% since Nov. 5, fell 1.8% in premarket trading.
Futures tracking the small-cap Russell 2000 RTYcv1 lost 0.6% after the index closed at a three-year high on Monday. Trump Media & Technology Group's DJT.O shares fell 5.1%.
Some crypto stocks eased after soaring in the past few sessions as bitcoin BTC= pulled back after nearing the $90,000 mark. Bitcoin miners MARA Holdings MARA.O and Riot Platforms RIOT.O fell 3.2% and 4.6%, respectively.
"I don't attribute it to much more than a little bit of profit taking after a fabulous week," said Paul Nolte, senior wealth adviser and market strategist, Murphy & Sylvest.
Focus will now be on consumer price inflation data, due Wednesday, the first of several batches of data this week that will provide direction to the U.S. Federal Reserve's policy path.
Markets have already dialed back expectations for interest rate reductions over the next year, given strong economic data and the possible inflationary impact of some of Trump's policies.
Traders are still pricing in a strong chance - 65% - of a 25 basis point interest rate cut at the Fed's December meeting, according to CME FedWatch.
Fed officials Christopher Waller, Thomas Barkin, Neel Kashkari and Patrick Harker are expected to speak later in the day, while Chair Jerome Powell is scheduled to speak on Thursday at an event in Dallas.
Dow E-minis 1YMcv1 were up 47 points, or 0.11%, S&P 500 E-minis EScv1 were down 5 points, or 0.08%, and Nasdaq 100 E-minis NQcv1 were down 5.75 points, or 0.03%.
Investors were also eyeing the possibility of a "Red Sweep" with one data provider projecting the Republican Party had won a majority in the U.S. House of Representatives, which would signal that Republicans would hold a majority in both chambers of Congress.
Home Depot HD.N was up 1.6% after the home improvement retailer forecast a smaller drop in annual same-store sales.
Biotech firm Novavax NVAX.O dropped 7.3% after cutting its annual revenue forecast due to lower-than-expected sales of its COVID-19 vaccine.
Grab Holdings GRAB.O jumped 10.1% after the Southeast Asian tech firm raised its forecast for fiscal 2024 revenue.
Shopify's SHOP.N U.S.-listed shares climbed 14% after the Canadian tech firm beat analysts' estimates for third-quarter revenue.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Shounak Dasgupta
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
