U.S. stock futures are edging higher early Tuesday as markets rebound on expectations of a September rate cut. On Friday, the Bureau of Labor Statistics (BLS) announced that it had overstated May and June’s nonfarm payrolls (NFP) by 285,000 jobs, which increased the odds of a rate cut at the next FOMC meeting. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.16%, 0.05%, and 0.10%, respectively, at 5:00 a.m. EST on August 5.
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In Monday’s trading session, major indexes ended in the green as investors bought the dip in stocks following Friday’s sharp decline. The S&P 500 closed up 1.47%, snapping a four-day losing streak. The Dow Jones rose 1.34% and the Nasdaq Composite gained 1.95%.
After the markets closed yesterday, big data analytics company Palantir (PLTR) saw its stock surge over 4%, and shares are up more than 5% in pre-market trading at the time of writing. PLTR exceeded Q2 expectations and announced quarterly revenue exceeding $1 billion for the first time. On the other hand, Hims & Hers Health (HIMS) stock plunged more than 12%, and shares are down 15% in pre-market trading following a Q2 revenue report that fell short of consensus estimates.
Looking ahead, investors await key economic reports, including the Balance of Trade (difference between the value of exports and imports of goods and services) and the S&P Global Services Purchasing Managers Index (PMI) reports.
Markets also look forward to a slew of corporate earnings releases today, including Pfizer (PFE), Yum! Brands (YUM), Snap (SNAP), Advanced Micro Devices (AMD), and Rivian (RIVN).
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.22%. WTI crude oil futures were trending lower, hovering near $65.99 per barrel as of the last check. Additionally, the Gold Spot U.S. Dollar Price decreased to nearly $3,425 per ounce on Tuesday.
Elsewhere, European stocks opened higher today, as investors look past last week’s tariff troubles and anticipate a week full of action-packed corporate earnings.
Asia-Pacific Markets Traded Higher Today
Asia-Pacific markets ended mostly in the green today despite U.S. President Donald Trump’s warning to raise tariffs on India. Asian stocks rebounded due to a spike in U.S. markets following a previous sharp selloff and optimism fueled by expectations of a Federal Reserve rate cut.
Hong Kong’s Hang Seng index rose 0.68%. In China, the Shanghai Composite index gained 0.96%, while the Shenzhen Component increased 0.59%. Similarly, Japan’s Nikkei rose 0.64%, and the Topix gained 0.70%.