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Wall Street to start lower as markets pause for breath

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US markets are expected to pause for breath in Tuesday’s session after hitting record highs yesterday.

Positive US payroll numbers on Friday and strong service sector figures on Monday helped Wall Street’s rise, but with little on the agenda now apart from job openings and the latest IMF economic forecasts, investors are likely to hold back today.

Sophie Griffiths at Oanda said: “US futures are pointing to a slightly downbeat open after the Dow Jones and the S&P 500 reached all-time highs in the previous session. The economic calendar is relatively quiet, with JOLTS job openings taking centre stage.”

The Dow is forecast to open 30 points or 0.11% lower, with the S&P down 0.18% and the Nasdaq off 0.26%.

Four things to watch for on Tuesday:

  • The earnings diary is due to see figures today for payroll services group Paychex Inc (NASDAQ:PAYX), irrigation systems maker Lindsay Corp (NYSE:LNN) and computer memory storage specialist SMART Global Holdings Inc (NASDAQ:SGH)
  • Drugmaker Catalent Inc (NYSE:CTLT) will also be in focus following reports it has agreed to double production of Moderna Inc’s (NASDAQ:MRNA) COVID-19 vaccine
  • Reddit darling GameStop Corp (NYSE:GME) could also attract some attention following the announcement of its planned share sale, through which it is aiming to raise up to US$1bn
  • On the macro front, investors may be keeping an eye on the latest consumer inflation expectations data as well as economic optimism and job openings figures

Story by ProactiveInvestors


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