Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were lower in overnight trade on Tuesday. Wall Street eagerly awaits Tesla’s third-quarter delivery numbers, hoping for a change in the stock’s recent losing streak. This week, the focus will also be on key inflation data, with the PCE price index expected to rise 0.2% and personal spending predicted to increase by 0.5%. Additionally, investor attention will turn towards housing market data and Nike’s fiscal first-quarter 2024 results.
On Monday, the Dow Jones Industrial Average edged up slightly, while the S&P 500 and the Nasdaq composite saw modest gains. Tesla shares rose 0.9%, along with Nvidia which gained 1.5%. Tech giants Apple and Microsoft also closed higher. In the ongoing stock market correction, stocks such as Airbnb, DraftKings, Meta Platforms, and Uber Technologies, as well as Dow Jones members Amgen and Caterpillar, are among those worth following.
Ahead of Tuesday’s opening bell, Dow Jones futures were down 0.35%, while S&P 500 futures and Nasdaq 100 futures were also lower. The 10-year U.S. Treasury yield reached new highs at 4.54% on Monday, and oil prices remained near their 2023 highs. With the stock market experiencing a correction, investors should reduce their exposure to the market and focus on building a watchlist of strong stocks. The IBD Stock Screener, IBD MarketSmith, and relative strength line are tools that can help identify potential outperformers.
In summary, Dow Jones futures were lower, with attention turning towards Tesla’s delivery numbers, key inflation data, and housing market statistics. Nike’s fiscal first-quarter 2024 results and the ongoing stock market correction also remain important. Investors should be cautious during this time and concentrate on building a watchlist of strong stocks while reducing market exposure.