US stock futures rose as traders await the latest statement from the Federal Reserve Chairman on the state of the economy.
- Dow Jones Industrial Average futures were up 42 points, or 0.14%.
- S&P 500 futures rose 0.23%
- Nasdaq 100 futures fell 0.36%.
During the ordinary session:
- The Dow closed slightly higher, about 40 points, or 0.13%.
- The S&P 500 added 0.07%.
- The Nasdaq Composite lost 0.11%.
Shares rose after Goldman Sachs began boosting Apple with a buy rating, boosting both the iPhone maker and the broader business area. Apple makes up about 7% of the S&P 500. Other mega tech stocks like Alphabet and Microsoft also advanced.
The bigs gave up most of those gains after bond yields rose slightly. Investors are worried about moves in the bond market after the 10-year Treasury yield recently breached the key 4% mark.
Wholesale inventory data for January will be released after the opening bell on Tuesday, giving investors a look at the consumer economy. Economists polled by Dow Jones expect a 0.4% drop, compared with a 0.1% rise in the previous reading.
Consumer credit results, due to be released Tuesday afternoon, are expected to rise $22 billion in January, according to the Dow Jones Consensus Estimate. This follows an increase of $11.6 billion in the previous month.
Asian stocks fall
Asian stocks fell as weak trade data weighed on Chinese stocks as investors awaited the Federal Reserve chair’s decision on the central bank’s next rate hike later in the day.
On Tuesday, statistics indicated a sharp drop in China’s imports and exports, suggesting a slowdown in the global financial system. Subsequently, the Hang Seng Index in Hong Kong fell 0.77%, and the CSI300 index in China it plummeted 1.2%, canceling out its earlier gains.
MSCI’s broadest index it fell 0.4%, although the index rose 2.9% this month.
Japan Nikkei Stock Index rose 0.3%.