U.S. futures traded lower on Tuesday morning after the S&P 500 (SPX) and Nasdaq 100 (NDX) indices pulled back from their respective record highs in the prior trading session. Futures on the Nasdaq 100, S&P 500, and the Dow Jones Industrial Average (DJIA) were down by 0.63%, 0.31%, and 0.19%, respectively, at 4:18 a.m. EST, March 5.
Burns McKinney, portfolio manager at NFJ Investment Group, believes that investor sentiment reflects a cautious stance to upcoming economic data releases scheduled for later this week. Also, Scott Wren, senior global market strategist at Wells Fargo Investment Institute, thinks that the stock market is still evaluating the near-term scenario for the economy, corporate earnings, and the Federal Reserve.
Coming to key economic data scheduled for release today, the S&P Global US Services purchasing managers’ index (PMI), January factory orders, and the ISM Services Index will take center stage. Additionally, the quarterly results of Nio (NIO), Target (TGT), CrowdStrike (CRWD), and Nuvei Corp (NVEI) will be reported today.
In major after-hours action yesterday, shares of GitLab (GTLB) tanked 20% on weak Fiscal 2025 guidance. Also, Apple (AAPL) stock fell 2.5% after a $2 billion fine was imposed by the European Commission. Furthermore, Tesla (TSLA) declined over 7% on lower China-made electric vehicle deliveries. On the other hand, the stock of Super Micro Computer (SMCI) soared 18.7% on the news of its inclusion in the S&P 500. In addition to this, crypto stocks Coinbase (COIN) and MicroStrategy (MSTR) gained 11.4% and 23.6%, respectively, on higher Bitcoin (BTC-USD) prices.
Meanwhile, the U.S. 10-year treasury yield is down, floating near 4.19% at the time of writing. Also, the WTI crude oil futures are lower, hovering near $78.30 per barrel as of the last check, on heightened demand concerns.
Elsewhere, European markets opened lower ahead of the European Central Bank’s interest rate decision later this week.
Asia Pacific Markets Ended Mixed on Tuesday
Asia-Pacific indices ended today’s trading session on a mixed note after China set current year GDP growth target of about 5%, in line with expectations.
Hong Kong’s Hang Seng Index closed lower by 2.61%. China’s Shanghai Composite Index ended up by 0.28%, while the Shenzhen Component Index closed down by 0.23%. At the same time, Japan’s Nikkei Index finished lower by 0.03% but the Topix Index rose 0.5%.
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