US pre-open: Markets hold steady as investors await data deluge

(Sharecast News) - Wall Street futures were little changed before the open on Tuesday as market participants looked ahead to a number of data points scheduled for release this morning. As of 1230 GMT, Dow Jones futures were up 0.02%, while both S&P 500 and Nasdaq-100 futures had the indices opening 0.03% firmer.

The Dow closed 227.79 points higher on Monday, extending gains recorded in the previous session.

Tuesday's primary focus will be a deluge of macro data, with a preliminary reading of Q3 GDP and October durable goods orders will be released at 1330 GMT. After that, November industrial production and capacity utilisation figures will follow at 1415 GMT, and December consumer confidence numbers and this month's Richmond Fed manufacturing index will be out at 1500 GMT.

Rostro's Joshua Mahony said: "Today sees a raft of notable US data points released, with the second quarter GDP revision coming alongside core durable goods and consumer confidence metrics. Notably while we are expecting the latest GDP revision to decline from 3.8% to 3.3%, there still remains a healthy trajectory given the hurdles faced by the economy amid tariff uncertainty and rising unemployment. With the latest Atlanta Fed GDPNow estimate putting GDP around 3.5% for Q3, this is just another reminder that the questionable figures in the jobs market doesn't necessarily tally up with a recession for businesses.

"Meanwhile, traders will be keeping a close eye out for the latest consumer confidence survey which provides one of the earliest indications of health within the jobs market."

No major corporate earnings were slated for release on Tuesday.









Reporting by Iain Gilbert at Sharecast.com