The scene on Wall Street is one of muted anticipation today, mirroring the stalling of a car engine at the starting line. Tuesday’s market open is expected to be underwhelming, weighed down by lingering concerns from the previous trading day. Investors are on high alert, waiting with bated breath for a slew of key economic data, most notably job market figures, to provide clues about the economy’s well-being. The spotlight is on the Federal Reserve, with market participants eagerly anticipating any hints about the trajectory of interest rates from a series of scheduled Fed speeches.

Cues From Previous Session

Monday’s ripple effect was palpable as robust manufacturing data sent shivers down investors’ spines, resulting in a mixed bag at the closing bell. The Institute for Supply Management’s surprising growth in the manufacturing purchasing managers’ index nudged bond yields northwards, with the 10-year note yield momentarily touching a peak of 4.337% before settling slightly lower at 4.318%. Amid fading hopes of looming rate cuts, investors swiftly offloaded stocks in response.

The Dow Jones Industrial Average (DJIA) and the S&P 500 Index stumbled beneath the flatline shortly after Monday’s opening bell, sliding on a downward trajectory throughout the day. Meanwhile, the Nasdaq Composite, after a shaky mid-session performance, managed to claw its way back to a modestly positive close, albeit still lingering below recent peak levels observed just days ago.

With eight of the eleven S&P sectors wrapped in a crimson hue, real estate stocks bore the brunt of the downturn, bowing to the pressure of interest rate volatility. In sharp contrast, communication services saw a notable uptick, while pockets of enthusiasm materialized in the energy and IT industries.

Insights From Analysts:

In the midst of apprehensions concerning tech stock valuations, one economist asserts that there’s more gas in the tech sector’s tank. Senior Economist at WisdomTree, Jeremy Siegel, opined in his weekly commentary, “Tech’s momentum has waned a tad, but I don’t believe this sector has hit its peak just yet.” Echoing this sentiment, he added, “I see nothing disrupting the steady climb of equities, and I’m hopeful for a broader market rally.”

Fund manager Louis Navellier highlighted the dual impact of a robust economy on earnings estimates and the potential long-standing stance of the Fed on interest rates. “The tug-of-war persists: a potent economy propelling earnings projections, while simultaneously increasing the likelihood of prolonged Fed rate policies to steer towards their 2% inflation target,” noted Navellier. Anticipating political nudges pre-election, he predicts a probable shift in Fed rates to address post-election inflation dynamics.

Futures Today

Futures Performance On Tuesday ( as of 7 a.m. EDT)

In the early hours of trading, the SPDR S&P 500 ETF Trust stumbled by 0.21% to $521.07, while the Invesco QQQ ETF dropped by 0.27% to $443.77 according to Benzinga Pro data.

Upcoming Economic Data:

At 10 a.m. EDT, the Commerce Department is poised to unveil factory goods orders data. Economists are bracing for a predicted 1% rise in February’s factory goods orders, reversing the 3.6% dip in the previous month. Highlighting the bulk of factory goods, durable goods orders bulged by 1.4% in February, as per data from the Commerce Department issued in late March.

Simultaneously, the Bureau of Labor Statistics is set to disclose February’s Job Openings and Labor Turnover Survey findings at 10 a.m. EDT, with estimates hovering around 8.8 million job openings for the month, slightly down from January’s 8.9 million tally.

Fed Governor Michelle Bowman, Cleveland Fed President Loretta Mester, and San Francisco Fed President Mary Daly are slated to take the stage at 10:10 a.m. EDT, 12:05 p.m. EDT, and 1:30 p.m. EDT respectively.

See Also: Best Strategies for Futures Trading

Stocks In Focus:

• PVH Corp. PVH and lifestyle electric-vehicle manufacturer Canoo, Inc. GOEV fell over 22.50% in premarket trading following their earnings releases.
• Paychex, Inc. PAYX, Dave & Buster’s Entertainment, Inc. PLAY, and Cal-Maine Foods, Inc. CALM are among the companies