Traders work at the New York Stock Exchange (NYSE), Friday, November 8, 2024.
Source: NYSE
Stock futures are near flat early Tuesday as Wall Street continued analyzing which sectors to pour money into amid a postelection rally that’s sent equities to record levels.
Futures tied to the Dow Jones Industrial Average lost 57 points, or 0.13%. S&P 500 and Nasdaq 100 futures each also ticked down about 0.1% each.
Monday’s action comes amid a market upswing that began following last week’s presidential election won by Donald Trump. The Dow gained more than 300 points to close higher than 44,000, while the S&P 500 finished the session just over 6,000. With that, Monday marks the first time either finished a trading day above those respective levels.
The Nasdaq Composite inched higher in the session, finishing at an all-time closing high for its fourth day in a row. Meanwhile, the small cap-focused Russell 2000 surged 1.5%.
Beyond stocks, bitcoin soared to record levels above $89,000 on Monday.
“The market is looking at the presidential election and whatever policies they think are going to be put in place,” said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “It’s a lot of what we saw back in 2016 when Trump won the election the first time.”
Investors will watch Tuesday for economic data on small businesses due in the morning. They’ll also monitor commentary from Federal Reserve officials including Fed Governor Christopher Waller and Minneapolis Fed President Neel Kashkari scheduled throughout the day.
Market participants will then turn attention to consumer and producer price index readings scheduled for later in the week. The release of data from these inflation gauges comes after the Fed last week announced another interest rate cut.
Traders will also parse earnings releases from Home Depot and Shopify expected on Tuesday.