Traders work on the trading floor of the New York Stock Exchange.
New York Stock Exchange
U.S. stock futures were hovering near the flat line Tuesday night after gains on major averages.
Dow Jones Industrial Average Futures It fell 11 points, or 0.03%. S&P 500 Index Futures and Nasdaq 100 Futures fell 0.07% and 0.10% respectively.
A strong run in Wall Street’s major indexes is coming to an end as technology stocks outperform the broader market and oil prices retreat from their highs. 30 stocks Dow Chemical Up 126 points, or 0.3%. this S&P 500 Index rose nearly 1%, while Nasdaq Index Up about 1.5%.
The moves appear to reflect growing optimism that the Fed can achieve a soft landing, especially after last week’s jobs report showed continued strength in the labor market. Beneficiaries of artificial intelligence NVIDIA and Broadcom rose 4% and 3% respectively.
“I think tech is going to reassert its leadership,” Keith Lerner, co-chief investment officer of Truist Wealth, said Tuesday on CNBC’s “Closing Bell.” “The earnings trend in the tech sector continues to be the strongest in our market. I think we’re going to We will see more money moving into this area.”
“So, of course, we’re going to see some issues,” Lerner said. “However, we believe the underlying trend remains to be higher over time.”
Regardless, this year’s most tumultuous month in history could lead to further volatility, especially with the U.S. presidential election just weeks away. Oil prices fell on Tuesday after rising earlier this month as conflicts in the Middle East escalated. Meanwhile, the 10-year U.S. Treasury yield has climbed back above 4%.
On the economic front, investors expect the Federal Reserve to release its latest meeting minutes at 2 pm (ET) on Wednesday. September consumer price index and producer price index data will be released on Thursday and Friday respectively.
Earnings season for big banks kicks off Friday JPMorgan Chase and Wells Fargo Bank.
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