U.S. stock futures were pointing to a mixed open on Tuesday as investors look ahead to the release of minutes from the Federal Reserve’s December meetings. Precious metals continue to be volatile, with prices gaining after a sharp selloff the previous day.
Dow Jones Industrial Average futures were rising 14 points, or less than 0.1% early Tuesday. S&P 500 futures and Nasdaq 100 futures were flat.
Losses for large technology stocks, including Oracle and Tesla, have taken the major indexes down from recent all-time highs. That threatens the so-called Santa Claus rally, the typical gains seen from over the final five trading sessions of the year and the first two of the new year.
“Some investors had anticipated profit taking here, but expected it to occur after year-end to postpone tax liabilities,” wrote Louis Navellier, founder and chief investment officer of Navellier & Associates.
Investors are waiting for minutes from the Fed’s December meeting to be published Tuesday for insight into policymakers’ disagreements and how those may affect interest rates next year. The yield on the benchmark 10-year Treasury note stood at 4.123%, ticking up from the previous day.
While stocks look sleepy, precious metals continue to be volatile. Silver was up 5.4% at around $74 an ounce early Tuesday, while gold was up 1% at about $4,386 an ounce. That comes after silver plunged 8.7% the previous day in its biggest one-day decline in almost five years.