U.S. Stocks May Show A Lack Of Direction In Early Trading
(RTTNews) - After ending the previous session notably higher, stocks may show a lack of direction in early trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 13 points.
Traders may be reluctant to make significant moves as the digest quarterly results from several big-name financial companies.
Shares of JPMorgan Chase (JPM) are seeing some pre-market strength after the financial giant reported better than expected fourth quarter results.
Citigroup (C) may also move to the upside after reporting fourth quarter results that beat analyst estimates on both the top and bottom lines.
On the other hand, shares of Wells Fargo (WFC) are likely to come under pressure after the banking giant reported fourth quarter results that missed expectations.
Financial giants Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) are also due to report their quarterly results in the coming days as earnings season picks up steam.
In U.S. economic news, the Labor Department released a report showing consumer prices in the U.S. increased by slightly less than anticipated in the month of December.
The Labor Department said its consumer price index rose by 0.2 percent in December after climbing by 0.3 percent in November. Economists had been expecting another 0.3 percent increase.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in December after rising by 0.2 percent in November. Core prices had been expected to rise by another 0.2 percent.
Later this week, traders are likely to keep a close eye on reports on retail sales, housing starts, and industrial production.
Stocks moved mostly higher over the course of the trading day on Monday, rebounding following the pullback seen last Friday. With the upward move on the day, the Nasdaq and the S&P 500 ended the session at new record closing highs.
The Nasdaq and the S&P 500 saw further upside going into the close, while the narrower Dow posted a more modest gain. While the Dow rose 83.28 points or 0.3 percent to 28,907.05, the Nasdaq jumped 95.07 points or 1 percent to 9,273.93 and the S&P 500 advanced 22.78 points or 0.7 percent to 3,288.13.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index climbed by 0.7 percent, while China's Shanghai Composite Index dipped by 0.3 percent.
Meanwhile, the major European markets are turning in a lackluster performance on the day. While the U.K.'s FTSE 100 Index is up by 0.1 percent, the German DAX Index and the French CAC 40 Index are both nearly unchanged.
In commodities trading, crude oil futures are climbing $0.60 to $58.68 a barrel after slumping $0.96 to $58.08 a barrel on Monday. Meanwhile, after tumbling $9.50 to $1,550.60 an ounce in the previous session, gold futures are sliding $6.50 to $1,544.10 an ounce.
On the currency front, the U.S. dollar is trading at 110.05 yen compared to the 109.95 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1110 compared to yesterday's $1.1134.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.