U.S. stock futures edged higher ahead of Tuesday’s open, rounding out the last day of a volatile month of February on Wall Street.
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Futures tied to the S&P 500 (^GSPC) and the futures on the Dow Jones Industrial Average (^DJI) ticked up by 0.2%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) added 0.3%.
The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.94% Tuesday morning. The U.S. benchmark WTI crude oil price moved higher to trade around $76.70 a barrel. The dollar index was flat.
Stocks closed higher on Monday, fueling a rebound from Wall Street’s worst week of the year. All three indexes are set to end February in the red after an optimistic start to the year.
Economic data released on Monday brought mixed results for the U.S. economy. New orders for manufactured durable goods in January plunged to 4.5%, compared to economist estimates of 4.0%, the Census Bureau reported. The drop was driven by lower aircraft orders.
Meanwhile, housing data showed signs of a rebound, with pending home sales rising 8.1%, higher from the projected gain of 1.0% by Bloomberg economists, according to data released by the National Association of Realtors.
Wall Street awaits reports Tuesday on wholesale inventories, home prices, and advance trade balance, as well as a reading on consumer confidence from The Conference Board.
As inflation still remains sticky, Federal Reserve Governor Philip Jefferson on Monday shot down arguments for raising the central bank’s 2% inflation target and said he is under “no illusion” that it’s going to be easy to get the inflation rate back down.
This week, investors will remain focused on the retail sector. On Tuesday, earnings from Target (TGT) topping analysts expectations as consumer spending continues to move away from discretionary categories. The retailer’s same store sales grew by 0.7%, above estimates of a 1.74% decline. The stock popped more than 3% in premarket trading.
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People shop at a Target store during Black Friday sales in Chicago, Illinois, U.S., November 25, 2022. REUTERS/Jim Vondruska
In other single stock moves, Zoom (ZM) shares rose after the company posted better-than-expected fourth quarter earnings, with earnings per share of $1.22 higher than estimates of 80 cents. Revenue came in at $1.12 billion.
Occidental Petroleum (OXY) shares moved lower ahead of the market open on Tuesday after the oil and gas producer posted fourth-quarter results that came in below Wall Street expectations on revenue and earnings per share.
Shares of Workday (WDAY) were down after the human-resources software company topped expectations with revenue of $1.65 billion, up 20% year-over-year, against estimates of $1.63 billion.
AMC Entertainment Holdings, Inc. (AMC) shares edged higher on Tuesday after a Delaware court said it would hold a hearing on April 27, which will likely delay the date of conversion of convertible units APE to common stock.
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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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