U.S. stock futures were pointing to gains on Tuesday, as the record-setting stock gains that made headlines on Wall Street in the first quarter of this year look set to continue.
S&P 500 Index futures (^GSPC) rose nearly 0.4%, and futures tied to the Dow Jones Industrial Average (^DJI) rose about 0.2%. Futures prices linked to the Nasdaq Composite Index (^IXIC), which has a high proportion of high-tech stocks, led the rise, rising about 0.5%.
Wall Street took a break from Monday's gains, with all three major indexes slightly lower. But the latest signal from Oppenheimer Asset Management strategist John Stoltzfus is that he raised his 2024 S&P 500 price target to a street high of $5,500, adding to the bullish mood.
On Tuesday, the focus shifted to surging economic indicators. On Tuesday, data on durable goods orders and U.S. consumer confidence will be released, as well as an update on the Case-Shiller home price index.
All of this week's data will serve as an appetizer to the main event on Friday, when the government releases its Personal Consumption Expenditure Price Index. This includes the Fed's preferred view of the pace of inflation in the form of “core” PCE growth.
In corporate news, former President Donald Trump's social media company is set to debut on Wall Street after merging with Digital World Acquisition Corporation. Trump Media & Technology Group (DJT) stock rose as much as 20% in pre-market trading.
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