Traders walk during morning trading at the New York Stock Exchange on May 14, 2024.
Spencer Platt | fake images
S&P 500 futures are nearly flat Tuesday morning after a winning day on Wall Street as investors prepare for May retail sales data.
Futures linked to the general market index fell 0.03%, while Nasdaq 100 Futures they rose 0.1%. Dow Jones Industrial Average Futures fell 30 points, or about 0.1%.
These movements follow a positive session on Wall Street that promoted the S&P 500 almost 0.8%, while the Nasdaq Composite ended with a gain of almost 1%. Both indices reached all-time highs during the session and closed at records. The action of 30 Dow It advanced about 0.5% to end four days of losses.
"Investors basically feel like the trend is my friend until it ends," said Sam Stovall, chief investment strategist at CFRA Research. "They really don't see anything right now that is going to cause this upward movement to end."
Tech stocks performed well in the session, helping the tech-heavy Nasdaq outperform and contributing to the overall rise of the S&P 500. Notably, Broadcom rose more than 5%, while Apple jumped about 2%.
NVIDIA hit an all-time intraday high when State Street said the chipmaker would likely see a weighting of more than 20% in the rebalance of its popular technology-focused exchange-traded fund. But shares fell, ending the day down 0.7%. Despite that setback, shares are still up almost 165% for the year.
Looking ahead, investors will closely monitor May retail sales data due Tuesday morning for insight into consumer health. Economists surveyed by Dow Jones forecast 0.2% growth from April.
Other economic reports on topics such as industrial production and business inventories are also expected in the morning. Several Fed officials, including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, are expected to speak at events across the country throughout the day.
