Futures tick lower, Tesla shares slump, Bitcoin rises - what's moving markets

investing.com:

Investing.com -- U.S. stock futures point lower, with labor market data and comments from the top Federal Reserve policymaker looming later in the week. Tesla (NASDAQ:TSLA) shares slump in after hours trading on falling deliveries of its China-made vehicles, while the price of Bitcoin rises to within touching distance of an all-time high.

1. Futures lower

U.S. stock futures dipped on Tuesday, as investors geared up for key economic data and testimony from Federal Reserve Chair Jerome Powell later in the week.

By 03:16 ET (08:16 GMT), the Dow futures contract had shed 67 points or 0.2%, S&P 500 futures had fallen by 11 points or 0.2%, and Nasdaq 100 futures had shed 81 points or 0.4%.

The main averages closed lower following choppy trading on Monday. The benchmark S&P 500 briefly touched intraday record highs thanks in part to a jump in chip stocks fueled by hype around the products that underpin artificial intelligence, although this momentum faded heading into the end of the session.

Traders are gearing up for the release of the February nonfarm payrolls report on Friday, which could provide some insight into the health of the U.S. labor market. The reading may also factor into how Fed officials approach potential interest rate reductions this year.

Powell, meanwhile, will testify to lawmakers on Wednesday and Thursday.

2. Target to report

Big-box retailer Target (NYSE:TGT) is slated to report its latest quarterly results on Tuesday that could give markets an updated glimpse into the state of U.S. consumers.

Figures from rival Walmart (NYSE:WMT) suggested that shoppers, conscious of both high inflation and elevated interest rates, are choosing to forego larger purchases in favor of essential items.

While Walmart's