S&P futures tepid ahead of economic data, Fed meeting

S&P futures tepid ahead of economic data, Fed meeting

News: S&P futures tepid ahead of economic data, Fed meeting.

(Reuters) – Futures tracking the S&P 500 were largely unchanged on Tuesday as investors marginalized ahead of retail sales and industrial production data as the Federal Reserve launched its two-day policy session.

Nasdaq futures rose roughly 0.5% at 6:41 a.m. ET, indicating a broadening of a rebound in tech stocks that were the focus of the February sell-off. The Nasdaq 100 is still about 5% below its record high February 12.

The Dow hit its sixth all-time high in a row on Monday as it was optimistic about a $ 1.9 trillion stimulus package. Leisure travel has increased, as several airlines have reported, confirming the view that the economy is on a recovery path.

Numerous incentives, improved economic data and mass vaccinations fueled inflation worries, boosted yields and stimulated equity markets in February. US 10-year Treasury note yields fell from a 13-month high to 1.59% for Tuesday’s second session.

Fears of an overheated economy and rising interest rate expectations have drawn attention to the Fed meeting, where policymakers are likely to raise economic forecasts and reiterate their pledges to remain accommodative for the foreseeable future.

Investors have slightly increased their liquidity allocation and believe inflation and tantrums could topple the record rally in financial markets, the BofA fund manager’s March survey on Tuesday revealed.

Retail sales and industrial production numbers will provide fresh insights into US economic health in February. Both records are due before the opening bell.

Dow E-Minis fell 65 points, or 0.2%, and S&P 500 E-Minis fell 0.5 points, or 0.01%.

Mega-cap stocks including Facebook Inc, Apple Inc, Amazon.com Inc, Netflix Inc, Alphabet Inc, and Microsoft rose between 0.2% and 1% in early trading.

Reporting by Medha Singh and Shashank Nayar in Bengaluru; Adaptation by Maju Samuel

Original Source © Reuters

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