Dow futures trade higher; Lowe's leads off more retail earnings
Investing.com — U.S. stock futures edged higher Tuesday, as investors attempted to build on the momentum of the previous session ahead of more earnings from major retailers.
By 06:30 ET (10:30 GMT), the Dow Futures contract was up 80 points, or 0.2%, S&P 500 Futures traded 20 points, or 0.4%, higher and Nasdaq 100 Futures climbed 87 points, or 0.6%.
The main equities indices closed in a mixed fashion Monday, with the blue-chip Dow Jones Industrial Average dropping slightly, while the broad-based S&P 500 gained 0.7%.
The highlight, however, came from the tech-heavy Nasdaq Composite, which rose over 200 points, or 1.6%, its biggest gain of the month, even as the yield on the 10-year Treasury reached its highest level since November 2007.
This jump was largely based on hefty gains by Nvidia (NASDAQ:NVDA), which closed over 8% higher, the biggest jump in nearly three months, as investors wanted exposure to the world’s most valuable chip designer ahead of quarterly results on Wednesday.
The retail sector will remain in focus Tuesday, with home improvement retailer Lowe's (NYSE:LOW) posting a smaller-than-expected drop in quarterly comparable sales and topped estimates for profit, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.
The consumer has remained resilient in the face of inflation, which has been cooling off compared with last year's pace. Retailers should be able to project consumer spending trends heading into their important holiday sales season.
Elsewhere, SoftBank-owned (TYO:9984) Arm has released a preliminary prospectus for a Nasdaq listing, firing the starting gun on a long-awaited initial public offering that could be one of the biggest U.S. flotations in
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