The S&P 500 futures saw an increase on Tuesday as headline inflation in February met consensus estimates, with the core reading rising more than expected.
Futures linked to the broad market index rose by 0.6%, while Dow Jones Industrial Average futures gained 133 points, or 0.3%, and Nasdaq-100 futures increased by 0.8%.
The in-line reading for headline inflation provided a boost to technology stocks following a recent pullback. In premarket trading, shares of chipmaker Nvidia rebounded by 2.5% after experiencing a more than 5% decline on Friday, marking its largest one-day drop since May 2023. Apple and Microsoft also saw gains of approximately 1%, as did Tesla. Additionally, Oracle’s shares surged by over 11% after surpassing Wall Street earnings estimates.
Skyler Weinand, chief investment officer at Regan Capital, remarked, “[W]hile it’s natural to expect the market to cool down a bit, it’s proving difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction.”
Source (CNBC)
