Stocks were setting up for a comeback on Tuesday from a run of losing days, as investors waited for key data to land to provide insight into the US economy.
Futures on the S&P 500 (^GSPC) rose about 0.2%, while those on the Dow Jones Industrial Average (^DJI) traded slightly above the flatline with a gain of about 20 points, or less than 0.1%. Futures on the tech-heavy Nasdaq Composite (^IXIC) were up 0.4%.
The more-upbeat tone comes after the Dow on Monday marked its sixth straight day of declines, while a fall for the Nasdaq added up to losses on five of the last six sessions.
Eyes will be on updates on home sales, durable goods and consumer confidence due Tuesday, in a big week for economic data. Markets are watching for how the US economy is holding up, as concerns about the Federal Reserve’s rate hikes tipping it into recession re-emerge.
Markets are on the lookout for any factor that could influence the central bank’s thinking ahead of its July meeting. In particular, they’re watching for signs of resilience as concerns re-emerge about recession sparked by the Fed’s rate hike campaign.
There could be a fair amount of buying and selling in the markets this week, which marks the last days of the quarter and the first half of 2023, as investors rebalance their asset allocations.
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Source: https://finance.yahoo.com/news/stock-market-news-live-updates-today-june-27-2023-094757576.html