Global Courant
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
US stock futures were little changed Tuesday evening as Wall Street looks set to resume a shortened holiday week.
Dow Jones Industrial Average futures fell 31 points, or 0.09%. S&P 500 and Nasdaq 100 futures fell 0.05% and 0.11%, respectively.
Markets were closed on Tuesday for the 4th of July holiday. They closed early Monday.
Investors are emerging from a positive session Monday, which marked the start of a new month, quarter and half year for traders. Stocks rose slightly during the shortened trading day, with the Dow Jones Industrial Average adding 10.87 points, or 0.03%. The S&P 500 rose 0.12%, while the Nasdaq Composite closed 0.21% higher.
That profit builds on a strong start to the year. Last week, the Nasdaq Composite closed its best first half of the year since 1983, while the S&P 500 posted its best first half gain since 2019, as a strong appetite for artificial intelligence fueled investor optimism in stocks. The Dow Jones Industrial Average was the laggard, rising only 3.8%. Some market participants expect this could mean a sustained upward trend in the second half.
“We’ve been optimistic. We still think there’s a rally,” Carson Group’s Ryan Detrick told CNBC’s “Closing Bell” on Monday, adding, “We may be facing a pullback sometime in August, September, October – perfectly normal – but we would be a buyer of any weakness.”
On the economic front, traders are looking forward to factory order dates in May to be released Wednesday after market open. Economists polled by Dow Jones expect an increase of 0.6%, which would be larger than last month’s 0.4% increase.
Investors are also expecting the minutes of the June Federal Reserve meeting at 2pm ET, which may shed some light on the path for rate hikes going forward.
Elsewhere, New York Fed President John Williams is expected to speak at 4 p.m. ET at the 2023 Central Bank Research Association (CEBRA) annual meeting in New York City.
