U.S. stock market futures were mixed on Tuesday, with the S&P 500 and technology-heavy Nasdaq set to open in the green, while Dow industrials were pointing down ahead of the release of key U.S. jobs data.
In Asia, Tokyo’s
fell 0.19%, while Hong Kong’s
slipped 0.02%. The
was 0.54% lower. The
in London rose 0.3%, as the CAC 40 in Paris lifted 0.35% and Frankfurt’s
ticked up 0.2%. The U.S. premarket looked set for a mixed open, with
futures pointing down around 10 points, after the index tumbled 126 points to close at 34,630 on Monday.
At 10 a.m. Eastern, investors can expect key U.S. jobs data in the form of the Job Openings and Labor Turnover Survey (JOLTS) for April.
“In the U.S. the latest JOLTs survey is expected to see another increase in job openings to 8.2 million in April, up from 8.12 million in March, as U.S. businesses struggle to fill a growing number of vacancies at a time when U.S. consumers have seen two big fiscal handouts in the first quarter of this year,” said Michael Hewson, an analyst at CMC Markets.
Hewson noted that investors’ attention remains on familiar macro themes—namely, short-term inflation and whether rising prices are likely transitory in nature, with the focus being on this week’s U.S. consumer price data for May.
Mark Haefele, the chief investment officer of Swiss bank UBS’ global wealth management division, said that while the bank remains alert to inflation risks, “we believe the backdrop remains benign for stocks—with benefits most obvious for cyclical parts of the market, including energy and financials. We recently raised the highly cyclical Japanese market to most preferred in our global strategy.”
said that it views global stocks trading at all-time highs as justified, based on strong economic data, including a recovery in global corporate earnings, and sentiment from policy makers to let the economy run hot.
Shares in European airplane manufacturer
ticked up near 1%, after the group said it made 50 deliveries in May, up 11% month-over-month. Analysts at Swiss bank UBS said it was a “modest pick up.”
British American Tobacco
stock lifted near 2%, after the Big Tobacco group upgraded its full-year forecast for revenue growth at constant currencies to above 5%, from a previously guided 3% to 5% range.
a FTSE 100-constituent, rose 3.5%, as Cevian Capital said the group should return £5 billion ($7.1 billion) to shareholders. The Swedish activist investor announced on Tuesday that it had built a near 5% stake in the insurance giant.
The price of oil was down slightly, with benchmark Brent crude futures having fallen around 0.3% to around $71.25 a barrel. The European-listed major oil companies fell in tandem, with shares in
Royal Dutch Shell,
On the U.S. economic front, investors can expect the NFIB small business survey for May, the trade deficit for April, as well as the JOLTS numbers.
It is a light day for corporate news, with earnings for convenience-store chain
due after the close.