U.S. stock index futures were subdued on Tuesday in a data-packed week, with job openings figures due later in the day that will provide further clues on the state of the economy. Multiple sets of economic data are scheduled to be released this week, including the personal consumption expenditures price index and non-farm payrolls.
U.S. rate futures have priced in a 21.5% probability of a 25-basis point rate increase at the September FOMC meeting and a 49.8% chance of a 25-basis point rate hike at the conclusion of the Fed’s November meeting.
Oracle Corporation gained more than +2% in pre-market trading after UBS upgraded the stock to Buy from Neutral. Verizon and AT&T rose about 1.5% each after Citi upgraded the telecom companies to “buy” from “neutral”.
The United States wants to work with China to solve problems such as climate change and artificial intelligence, U.S. Commerce Secretary Gina Raimondo told China’s Premier Li Qiang at a meeting in Beijing on Tuesday. Raimondo plans a visit on Wednesday to Shanghai Disneyland, a joint venture of Walt Disney and Chinese state-owned Shendi Group. The United States and China used to be each other’s largest trading partners, but the US now trades more with neighbors Canada and Mexico, while Beijing deals more with Southeast Asia.
Nordstrom closed the doors of its five-story department store in San Francisco on Sunday, ending a 35-year run as the city suffers a retail exodus. The retailer announced the closure in May, saying that the “dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer foot traffic to our stores and our ability to operate successfully.”
WTI crude futures steadied around $80.50 per barrel. Gold stabilized around $1,920 an ounce while the yield on the 10-year US Treasury note fell to the 4.2% level.
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