US pre-open: Futures in the green following Dow's record-setting session

16th Jul 2024 11:31

(Sharecast News) - Wall Street futures were pointing to a positive open ahead of the bell on Tuesday following a record-setting session for the Dow.

As of 1215 BST, Dow Jones futures were 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.16% and 0.22% firmer, respectively.

The Dow closed 210.82 points higher on Monday after easing off slightly from a fresh intraday high for the blue-chip index as traders seemingly put money on an attempt on Donald Trump's life becoming a tailwind for the Republican presidential candidate, potentially paving the way for more favourable tax and fiscal policies for market participants.

Swissquote's Ipek Ozkardeskaya said: "The Trump trade consists of going long Bitcoin and equities (especially gunmakers, oil producers) and short the long term treasuries on expectation of exploding US debt with tax cuts, higher spending and growth supportive Trump policies. The yield on 30-year Treasuries yesterday surpassed the rate on two-year notes for the first time since January - the 30-year notes reflecting the exploding spending, while 2-year notes benefit from the rising Federal Reserve (Fed) rate cut bets as Powell reiterated on Monday that recent data boosted confidence that inflation is heading toward the Fed's 2% goal

On the macro front, the June import/export price index will be published at 1330 BST, as will last month's retail sales report, while May's business inventories data and July's housing market index from the NAHB will follow at 1500 BST.

In the corporate space, Bank of America, Morgan Stanley and United Health were all slated to report their latest quarterly earnings before the opening bell.

Reporting by Iain Gilbert at Sharecast.com