U.S. stock futures on Tuesday pointed to a decline at the open, with the tech sector under pressure again, as traders waited for a speech from Federal Reserve chief Janet Yellen.
Also due to get attention are upcoming remarks from other Fed officials and fresh readings on consumer confidence and the housing market.
S&P 500 futures ESU7, -0.08% fell by 1.50 points, or 0.1%, to 2,434.50, while Dow Jones Industrial Average futures YMU7, -0.08% shed 13 points, or 0.1%, to 21,355.00. Futures for the tech-heavy Nasdaq-100 NQU7, -0.38% lost 20.25 points, or 0.4%, to 5,758.00, weighed down by Apple Inc. AAPL, -0.31% and Facebook Inc. FB, -0.95% both falling by 0.4% in premarket action.
The tech-laden Nasdaq Composite is on track to post a rise of about 16% for this year’s first half. But it has spent the past two weeks trading below its June 8 record close, as investors have been reluctant to push the benchmark even higher.
Listed on that benchmark, shares of Alphabet Inc. GOOG, -1.38% GOOGL, -1.42% were down 1% in premarket action following news that European Union regulators have hit Google with a €2.42 billion ($2.72 billion) antitrust fine. The EU’s antitrust watchdog had been expected to announce a fine of more than €1 billion.
Economic news: A Case-Shiller release for April U.S. home prices is slated to hit at 9 a.m. Eastern Time, followed by a June reading on consumer confidence at 10 a.m. Eastern.
Yellen is due to talk about global economic issues in London at 1 p.m. Eastern.
“What matters most this week is Fed speak,” said Kathy Lien, managing director of foreign exchange strategy for BK Asset Management, in a note.
Investors have been buying the dollar on the hope that Yellen will repeat the hawkishness that sent the buck sharply higher mid-June, Lien added.
Two other Fed speakers are ahead: Philadelphia Fed President Patrick Harker is due to talk in London at 11:15 a.m. Eastern about the economic outlook and international trade, and Minneapolis Fed President Neel Kashkari has a town-hall event planned in Michigan at 5:30 p.m. Eastern.
Other markets: A key dollar index DXY, -0.49% was lower in the early going, hurt in large part by a gain for the euro EURUSD, +0.7423% . The shared currency jumped against the dollar after European Central Bank President Mario Draghi said “a considerable degree” of stimulus is needed in the eurozone, a step back from the “very substantial” language previously used.
Oil futures US:CLN7 advanced, putting crude on track for its fourth up session in a row, as traders braced for a possible decline in U.S. supplies. European equities SXXP, -0.43% traded mostly lower, while Asian markets closed mixed. Gold futures GCQ7, +0.48% stepped higher.
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Notable movers: Shares in Nvidia Inc. NVDA, -1.09% were little changed premarket, after earlier showing a drop. The chip maker on Tuesday unveiled more partnerships in the hot self-driving car arena, including an unusual joint venture between Swedish auto maker Volvo AB VOLVB, -0.40% VLVLY, -1.34% and one of its suppliers.