Futures tick lower, scrutiny on Boeing intensifies - what's moving markets
Investing.com -- U.S. stock futures pointed lower on Tuesday, suggesting a possible retreat from gains in the prior session that stemmed in part from a rally in shares in chip designer Nvidia (NASDAQ:NVDA). Elsewhere, two airlines reportedly discover loose parts on some of their grounded models of Boeing's (NYSE:BA) 737 Max 9 jet, adding to scrutiny on the planemaker that has been building since a dangerous mid-flight blowout on a single version of the aircraft last week.
1. Futures edge lower
U.S. stock futures dipped into the red on Tuesday, pointing a negative start to the trading day following a surge on Wall Street to begin the week.
By 04:59 ET (09:59 GMT), the Dow futures contract had shed 112 points or 0.3%, S&P 500 futures had lost 13 points or 0.3%, and Nasdaq 100 futures had dropped by 63 points or 0.4%.
The main averages jumped in the prior session, with the tech-heavy Nasdaq Composite in particular climbing to its best day since mid-November. Helping drive the gains was strength in chip designer and artificial intelligence darling Nvidia, which surged by 6.4% (see below).
Even a slump in Boeing shares following a fresh incident involving the planemaker's 737 Max jet was not enough to derail a 0.6% increase in the 30-stock Dow Jones Industrial Average. The benchmark S&P 500 added 1.4% for the day.
Traders are keeping an eye as well on key U.S. inflation due later in the week that could impact how Federal Reserve policymakers approach potential interest rate cuts in 2024.
2. Nvidia touches new record high
Shares in Nvidia closed at a fresh record high of $522.53 on Monday, in a sign of investor excitement over the unveiling of new desktop graphics processors from the chipmaking giant.
Nvidia announced its
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