US stock futures edged higher on Tuesday after the major averages declined during Monday’s regular session amid a selloff in technology and other growth stocks. Meanwhile, small caps mostly gained on Monday, possibly reflecting a portfolio rebalancing effect at the end of the quarter.
Investors now look ahead to a slew of US economic reports on Tuesday including home sales, durable goods and consumer confidence data.
Despite the recent weakness, the main U.S. stock indexes are set to record second-quarter gains, powered by a rally in growth stocks, upbeat earnings reports and hopes that the Fed will soon end its monetary tightening campaign. Traders have baked in a 76.9% chance the Fed will raise interest rates by 25 bps to 5.25%-5.50% range at its July meeting, according to CME Group’s Fedwatch tool.
U.S. electric truck manufacturer Lordstown Motors filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan’s Foxconn.
WTI crude futures steadied above $68 per barrel. Gold held near $1,930 an ounce while the yield on the US 10-year Treasury note was trading around 3.7%.
On the Platinum Channel Paper Trade Portfolio, we continue to monitor up-trending price action in ABT. As of the close yesterday, this position was up $2.62 / share finding support at the 50-day SMA.
Have a great day!
This information is being provided for educational purposes only and is not a recommendation to buy or sell a security.
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