S&P futures experienced a modest increase on Tuesday following the Nasdaq Composite reaching a new all-time high. Futures for the Dow Jones Industrial Average increased by 9 points. S&P 500 futures increased by 0.1%, while Nasdaq-100 futures rose by 0.2%. Nvidia and AMD experienced a modest increase in premarket trading. Apple shares experienced a slight decline ahead of an annual event where the company is anticipated to reveal a new iPhone.
The Nasdaq increased by 0.5%, driven by significant contributions from major chipmakers like Broadcom and Nvidia, propelling the tech-focused index to record levels. The S&P 500 increased by 0.2%. The 30-stock Dow increased by over 100 points. Investors are currently anticipating two crucial inflation reports that may influence the decisions of Federal Reserve policymakers during their upcoming meeting next week. Last week, a surprisingly weak jobs report fueled optimism that interest rates may trend downward. Nonetheless, any unexpected robustness in the inflation figures could disrupt that perspective.
The producer price index report for August will be released on Wednesday morning, followed by the consumer price index on Thursday. “In a declining labor market, it is expected that the Fed will lower interest rates.” The issue at hand is that for Thursday’s figure, the prevailing expectation is for inflation to rise from 2.7% to 2.9%. Torsten Slok, shared insights “Squawk on the Street. This is precisely complicating the situation, as rising inflation indicates that the Fed ought to be increasing rates.” A decline in sentiment may lead to further challenges for the jobs market, given that small businesses are responsible for a significant portion of U.S. employment. GameStop and Oracle are scheduled to announce their results on Tuesday following the market close.
Apple may attract interest as it reveals its newest lineup of devices, featuring a new iPhone. Fox shares experienced a decline of nearly 3% following Lachlan Murdoch’s acquisition of control over the media empire, coinciding with the resolution of a dispute within the Murdoch family regarding the family trust. Dell Technologies experienced a 2% decline in shares following the resignation of Chief Financial Officer Yvonne McGill, which took effect on Tuesday.