Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Stock futures are up slightly Tuesday night following a losing session on Wall Street that pulled the indexes further from record levels.
Futures tied to the Dow Jones Industrial Average added 69 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures each also added 0.2%.
Those moves following a negative day for the three major indexes. The Dow slipped nearly 0.1%, while the Nasdaq Composite fell 0.4% as technology stocks struggled. With a slide of 0.3%, the S&P 500 saw its third down trading day in a row.
That action comes after the three major indexes all closed at record levels last week. But despite the recent pullback, the three averages are still on pace to end the trading month and quarter, which both conclude with Thursday’s closing bell, in the green.
“Valuations could take us back to, sort of, reality,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management. But, “long term, this rally has legs and there’s a lot of momentum because of liquidity.”
As of Tuesday’s close, the S&P 500 has added 2.1% in the month and 9.1% in the quarter. The Nasdaq has climbed 1.4% in March and 8.7% over the three-month period, while the Dow has added 0.7% and 4.2% in the respective periods.
Traders will monitor commentary from Federal Reserve Governor Christopher Waller Wednesday evening. There’s no closely followed economic data expected on Wednesday.
Later in the week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment on Thursday. While the market is closed on Good Friday, attention will be on releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.
Bitcoin’s current market cap is greater than GDP of 159 of the world’s economies, and other surprising statistics from HSBC
In a Tuesday note, HSBC Global Research released a list of 13 surprising market statistics.
Here are a few:
- “The current market cap of Bitcoin is higher than the GDP of 159 of the world’s economies in 2023.”
- “40% of retail sales in Korea take place online vs less than 25% in the US and western Europe.”
- “Annual cement consumption in China is down 15% since 2020, but it is still more than the US has consumed in the last 20 years.”
- “India, Korea, and Taiwan all have twice the number of large, liquid companies open to foreign investors than there are in mainland China.”
— Lisa Kailai Han
Stock futures are slightly higher
Stock futures traded up modestly shortly after 6 p.m. ET.
Dow futures added 0.2%. S&P 500 and Nasdaq 100 futures each ticked up by 0.1%.
— Alex Harring
