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US indices fall after retail gains and oil falls

US indices fall after retail gains and oil falls

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U.S. index futures point to uncertainty heading into Tuesday’s session after strong Profit recently reported.

At last check, Dow futures were down 0.05%, while S&P and Nasdaq 100 futures were down 0.14% and 0.17%, respectively.


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Sign of change

Two key economic data are expected to be released before the market opens, and retail profits will come in.

  • The US Census Bureau will release data on housing starts and building permits for July at 8:30 a.m. ET. The previous measure, a measure of new home construction, is expected to fall 1.9% moms, less than the 2% drop in June. Building permits, which refer to permits issued for construction, may have fallen by 3.3% in July, compared to a modest decline of 0.6% in June.
  • At 9:15 a.m. ET, the Federal Reserve will release a report on industrial production for July. Economists on average estimate that industrial production growth remained unchanged at an anemic 0.2% compared to the previous month.

Market opening movements

  • Energy stocks would be back in the spotlight as September WTI crude futures will extend their losses. A barrel of light sweet crude is now at $89, down 0.46%.
  • Actions of Home Depot, Inc. (NYSE:HD) have recovered most of their initial losses. The home goods retailer reported second-quarter profit and revenue that beat expectations. The company also confirmed its forecast for the year as a whole.
  • Actions of Walmart, Inc. (NYSE:WMT) are on the mend after the retail giant reported second-quarter 2023 results that beat estimates and issued a strong outlook.
  • Bed Bath & Beyond Inc. (NYSE:BBBY), which is catching the eye of retail investors, is seen snapping a four-session losing streak.

international markets

Asian markets were hesitant before Tuesday’s close with mixed results. Japan’s Nikkei 225 average paused to catch its breath after recent gains, and Hong Kong’s Hang Seng index fell more than 1%. China’s key averages closed modestly higher.

European stocks are seeing modest gains, thanks in part to strength seen among miners and defensive stocks such as telecoms and utilities.

Wall Street on Monday

After opening Monday’s session lower, the major U.S. averages started to rally late this morning and closed somewhat higher. Investors largely ignored weak data from China and a regional US manufacturing reading that showed a surprise contraction.

In the last review, which SPDR S&P 500 ETF Trust (NYSE: SPY ) was down 0.24% at $427.84 and Invesco QQQ Trust (NASDAQ:QQQ) fell 0.24% to $332.26, according to data from Benzinga Pro.

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