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Futures: Dow down 0.01%, S&P 500 up 0.03%, Nasdaq up 0.19%
June 18 (Reuters) - U.S. stock index futures were steady
on Tuesday, with those tracking the S&P 500 and the Nasdaq
hovering around record highs, ahead of retail sales data and
commentary from a number of Federal Reserve officials.
Technology stocks lifted the benchmark S&P 500 to its
fifth record high close in six sessions on Monday, and the
Nasdaq to its sixth consecutive record close.
Megacaps Apple, Microsoft ( MSFT ) and Alphabet
edged higher between 0.1% and 0.7% in premarket
trading on Tuesday.
Chipmakers Broadcom, Micron and U.S.-listed
shares of Arm Holdings rose between 0.5% and 2.7% after
their strong showing in Monday trade boosted the Philadelphia SE
Semiconductor index to a record high.
Focus now moves to fresh economic data in the United States,
where May retail sales will be closely watched, as well as
industrial production and business inventory data.
Comments from U.S. Federal Reserve officials will also be
scrutinized for clues on how the central bank's members view the
current economic situation and path ahead for monetary policy,
after recent projections showed the Fed now sees just one
interest rate cut this year instead of the three previously
forecast.
Still, markets have pounced on a string of economic data
indicating some weakness among consumers and in the labor
market, and are predominately pricing in nearly 50 basis points
of easing this year, according to LSEG data.
"The depth and pace of the cutting cycle is still to be
determined, but we see two cuts this calendar year," John Velis,
Americas macro strategist at BNY Mellon, said.
Six Fed speakers are scheduled for Tuesday, including voting
committee members Thomas Barkin and Adriana Kugler, as well as
Susan Collins, Austan Goolsbee, Lorie Logan, and Alberto
Musalem.
Hopes for multiple rate cuts this year, enthusiasm for
artificial intelligence linked companies and strong earnings
from other tech firms have helped support equities, although
rallies over the past few months have largely been on the back
of a handful of stocks.
Futures tracking the blue-chip Dow and the Russell 2000
slipped on Tuesday. The small-cap Russell is
already down more than 2% for the month.
At 5:44 a.m. ET, Dow e-minis were down 5 points, or
0.01%, S&P 500 e-minis were up 1.5 points, or 0.03%, and
Nasdaq 100 e-minis were up 37.25 points, or 0.19%.
Homebuilder Lennar ( LEN ) fell 3.2% after forecasting
lower-than-expected third-quarter home deliveries after the bell
on Monday.
NextEra Energy fell 5.5%, extending losses from the
previous session after the utility firm announced a sale of $2
billion equity units at $50.
Edtech company Chegg ( CHGG ) jumped 20% after announcing
job cuts as part of a restructuring plan.
Markets will be closed on Wednesday for the Juneteenth
holiday.