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US stocks set to ease further from all-time highs as investors await retail and manufacturing data

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US stocks look set to ease further from recently hit all-time highs in early trade on Tuesday as investors await fresh earnings and data on the retail and manufacturing sectors.

Futures for the Dow Jones Industrial Average were 0.6% lower, while those for the S&P 500 fell 0.5%, and the tech-laden Nasdaq-100 futures shed 0.4%.

Investors are awaiting data and earnings that will offer insights into the health of the US retail sector. Retail sales, due at 8.30am ET, are expected to have weakened slightly in July as supply chain bottlenecks impact auto sales. Industrial production data is set to be released at 9.15am ET.

Federal Reserve policymakers are moving toward an agreement to start scaling back their easy money policies in about three months if the economic recovery continues. The Wall Street Journal reported on Monday that Boston Fed President Eric Rosengren said in an interview he expected to see enough job growth by the September meeting to meet the criteria for reducing bond purchases.

Some of the biggest US retailers are also reporting earnings this week. Home Depot shares fell ahead of the open after it reported a decline in sales; rivals Lowe’s Cos and Target will report on Wednesday.

Six things to watch on Tuesday:

BHP Group has agreed to sell its petroleum business to Woodside Petroleum in a merger to create a top 10 independent oil and gas producer worth A$38.5 billion ($28 billion) with growth assets in Australia and the Americas.

US auto safety regulators on Monday opened a formal safety probe into Tesla Inc’s driver assistance system Autopilot after a series of crashes involving Tesla models and emergency vehicles.

General Motors said it will replace all battery modules in some Chevrolet Bolt electric vehicles under a recall announced last month.

Citgo Petroleum Corp on Monday reported a slim, second-quarter profit, its first in seven quarters, as higher fuel exports helped offset weak margins and the impact of a fuel pipeline shutdown.

Videogame company Roblox fell after reporting earnings late Monday that missed Wall Street forecasts.

Danish jewellery maker Pandora said on Tuesday that a strong performance in the United States spurred rapid sales growth in the second quarter but sales in China fell.

Story by ProactiveInvestors


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