U.S. stock futures trended higher on early Tuesday, after the Nasdaq Composite hit a new record yesterday. Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.20%, 0.12%, and 0.02%, respectively, at 4:53 a.m. EST on September 9.
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Major indices witnessed a positive trading session on Monday. The Nasdaq Composite climbed 0.45%, boosted by strong performances from key chipmakers like Broadcom (AVGO) and Nvidia (NVDA). Also, the S&P 500 and the Dow Jones gained 0.21% and 0.25%, respectively.
All eyes are on two key inflation reports, the producer price index (PPI) and consumer price index (CPI), due later this week, which will be crucial for policymakers to decide the further course of action ahead of the Federal Reserve’s upcoming policy meeting. On Tuesday, the NFIB Small Business Optimism Index reading will be released, providing further insights into the state of the U.S. economy. Traders may react to changes in the index as it reflects broader economic trends and potential shifts in consumer spending and business investment.
Coming to key earnings, video games retailer GameStop (GME) and artificial intelligence (AI) infrastructure company Oracle (ORCL) are scheduled to announce their quarterly earnings after the market closes today.
In trending news, British mining giant Anglo American (NGLOY) and Canadian miner Teck Resources (TECK) have agreed to merge to create one of the world’s largest copper producers. Also, Nebius (NBIS) stock was up 48% in Tuesday’s pre-market trading as the emerging AI cloud infrastructure company struck a $20 billion deal with Microsoft (MSFT) to lease computing power over the next five years.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.068%. WTI crude oil futures were trending higher, hovering near $63.11 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $3,648.99 per ounce, as of writing.
Elsewhere, European stocks opened modestly higher as traders in the region focus on the political chaos in France after the ousting of Prime Minister Francois Bayrou on Monday.
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific markets traded mixed today. Notably, Japan’s benchmark index Nikkei closed 0.42% lower after touching a record high earlier in the day in reaction to the announcement of resignation by the country’s Prime Minister Shigeru Ishiba on Sunday. Likewise, the Topix fell 0.51%. An uncertain political backdrop is expected to trigger near-term volatility in Japanese stocks.
In China, the Shanghai Composite fell 0.51%, while the Shenzhen Component declined 1.23%. Meanwhile, Hong Kong’s Hang Seng index was up 1.19%, mainly on hopes of an interest rate cut in the U.S.
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