Traders work on the floor of the New York Stock exchange during morning trading on May 17, 2024.
Michael M. Santiago | Getty Images
U.S. stock futures edged up early Tuesday after the S&P 500 and Nasdaq Composite closed at fresh record highs.
Dow Jones Industrial Average futures rose 77 points, or 0.19%. S&P 500 futures and Nasdaq 100 futures climbed 0.26% and 0.40%, respectively.
The S&P 500 and Nasdaq Composite closed Monday’s trading session at all-time highs again, each rising slightly as investors awaited key inflation data and earnings results due out later this week. The broad market index closed up 0.1%, while the tech-heavy Nasdaq gained 0.3%. Meanwhile, the Dow Jones Industrial Average was the laggard, closing down 31 points, or 0.1%.
The S&P 500 continued its advance as easing pricing pressures, and slowing growth, have investors increasingly optimistic the Federal Reserve will soon start to ease up on monetary policy. But others, who are concerned a correction is on the horizon, are urging investors to broaden their exposure.
“You really want to stay broadly diversified,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell” on Monday. “I don’t think that the momentum trade here is ending, especially in the short term, but when it changes, it’s going to change fast. And when you’re looking at valuations, there’s a lot of opportunities here.”
Federal Reserve Chair Jerome Powell will testify this week before Congress as part of his semiannual update on monetary policy. Powell will speak first to the Senate Banking Committee on Tuesday, followed by an appearance Wednesday before the House Financial Services Committee.
Key inflation data is due out later this week with the June consumer price index on Thursday, as well as the producer price index on Friday.
On the earnings front, PepsiCo and Delta Air Lines are set to post results on Thursday. Bank earnings results from Citigroup and JPMorgan Chase are due out Friday.
— CNBC’s Jeff Cox contributed to this report.
