US pre-open: Stock futures flat ahead of retail sales data
US stock futures were pointing to a subdued start on Wall Street on Tuesday as investors pause for breath ahead of the release of retail sales data, with the S&P 500 and Nasdaq already at record highs.
Futures on the Dow were down 0.06% in pre-market trade, while the S&P 500 was flat and the Nasdaq was up 0.16%. Stocks rose strongly on Monday, sending the S&P 500 to a new high of 5,473.23 and the Nasdaq to a fresh peak of 17,857.02.
The focus of Tuesday's session will be retail sales data from the Census Bureau at 0830 EDT, which is expected to show just a 0.2% increase in sales in May after no growth in April.
"Today, the focus will be on consumer health, and nothing is more important than US retail sales, which explain the actual health of the US economy," said Naeem Aslam, chief investment officer at Zaye Capital Markets.
"If the actual number matches expectations, it would be positive news for the market, and the stock indices are more than likely to improve further. There is already heavy upward momentum in the tech sector, which is primarily driven by AI stocks and capex expectations. And an improvement in retail sales data will only bring more positive news."
Tuesday's schedule also includes industrial production data from May, along with speeches from six members of the Federal Reserve, including Dallas Fed president Lorie Logan and the Chicago Fed's Austan Goolsbee. Markets will be closed on Wednesday for the Juneteenth US national holiday.
Apple futures were inching higher after the news that the company is ending its buy now, pay later service which it launched in March 2023. BNPL rival Affirm was rising in pre-market trade.
Adobe was lower again after being accused by Justice Department on Monday of making it too difficult for customers to cancel their subscriptions.