U.S. stock-index futures pointed to a modestly lower open on Tuesday, as analysts said that traders were holding off on making big bets ahead of key events later this week.
S&P 500 futures ESU7, -0.04% inched down by 2.35 points, or 0.1%, to 2,422.25, while Dow Jones Industrial Average futures YMU7, +0.00% edged lower by 18 points, or 0.1%, to 21,341.00. Nasdaq-100 futures NQU7, -0.14% gave up 8.75 points, or 0.2%, to 5,685.25.
“Forex and equities markets seem to have entered into another bout of wait-and-see trading as the moves of recent days begin to settle down,” said Richard Perry, a Hantec Markets analyst, in a note.
“This comes ahead of some key market-moving events towards the end of the week,” Perry added, referring to Federal Reserve chief Janet Yellen’s appearances before U.S. lawmakers on Wednesday and Thursday, as well as Friday’s releases covering inflation and retail sales.
Trading may also be light ahead of the start to the next earnings season. Key companies, including such major banks as J.P. Morgan Chase & Co. JPM, -0.14% and Citigroup Inc. C, -0.19% are scheduled to report on Friday. By and large, financials are expected to post mediocre trading revenue this quarter.
Amazon.com Inc.’s stock AMZN, -0.50% edged up 0.1% premarket, with the e-commerce king’s Prime Day promotion in full swing on Tuesday.
Amicus Therapeutics Inc. FOLD, +24.27% surged 32% in heavy premarket trading after the Food and Drug Administration cleared the company to submit a new drug application for its Fabry disease treatment.
Other markets: Most Asian markets closed with gains on Tuesday, while European stocks SXXP, -0.39% were largely lower. Oil futures CLQ7, -0.32% moved down after Monday’s rally. Gold futures GCQ7, -0.16% also slipped, and a key dollar index DXY, +0.05% inched higher.
Economic news: A June reading on small-business sentiment arrived before the opening bell, showing a decline. It’s the fifth month in a row without an increase.
At 10 a.m. Eastern, May figures for job openings and wholesale inventories are expected to arrive.
Check out: MarketWatch’s Economic Calendar
On the Fed front for Tuesday, Fed Gov. Lael Brainard is due to give speech on monetary policy at 12:30 p.m. Eastern at a New York Fed conference. At 1:20 p.m. Eastern, Minneapolis Fed President Neel Kashkari is scheduled to take part in a Q&A at the Minnesota Women’s Economic Roundtable.