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Tech Stocks Rebound, Investors Await Key Economic Data
10 Feb
Summary
- US stock futures showed little movement after a recent tech stock rally.
- Investors await crucial retail sales and inflation data this week.
- The Nasdaq is approximately 3% away from its all-time high.
US stock index futures traded flat on Tuesday, a day after a substantial rally saw tech stocks recoup losses from a recent sell-off. Investors are keenly awaiting retail sales numbers, the first of several significant economic data points to be released this week.
The Dow Jones Industrial Average achieved its second consecutive record closing high on Monday, while the S&P 500 narrowly missed its January peak. The Nasdaq composite, despite last week's tech-driven decline, is now only about 3% below its all-time high. Diversification into small and midcap companies has supported market breadth.
Key economic indicators expected this week include delayed nonfarm payrolls data and crucial inflation figures. These will provide insights into the Federal Reserve's future monetary policy. Market expectations currently anticipate the Fed will maintain current interest rates until June.
Several consumer-focused companies, including Coca-Cola, Hasbro, Spotify, CVS Health, and Harley-Davidson, reported earnings before the market opened. Chipmaker Onsemi experienced a premarket drop of 4.5% after missing fourth-quarter revenue expectations. Concerns are also mounting over the AI trade, with high capital expenditure projections and uncertain returns impacting investor sentiment, with Nvidia's upcoming results being a key test.
