In early trading on Tuesday, equities are poised for an upward trajectory, continuing the positive momentum from the previous two sessions. Futures for major indices indicate a slightly higher market open, with the S&P 500 futures climbing 0.2%.
The market is likely to experience gains propelled by Nvidia (NVDA), whose shares are seeing a pre-market increase of 2.2% after a record-closing surge of 3.4% on Monday. This rise follows Nvidia's unveiling of its latest consumer GPU series, the GeForce RTX 50 Series, for both desktop and laptop platforms at the CES in Las Vegas.
However, initial trading enthusiasm might be tempered as investors anticipate important U.S. economic data releases set for later this week. Notably, the Labor Department will publish its monthly employment report on Friday, expected to reveal a growth of 160,000 jobs in December, following a jump of 227,000 in November. Other forthcoming reports include those on private sector employment, consumer sentiment, and the latest Federal Reserve meeting minutes.
Shortly after the market opens, the Institute for Supply Management (ISM) will release its December report on service sector activity. The services PMI is anticipated to slightly increase to 53.0 from November's 52.1, with figures above 50 signaling expansion. Additionally, the Labor Department is scheduled to release data on job openings for November, anticipated to slightly decrease to 7.70 million from October's 7.74 million.
On Monday, stocks displayed a robust early ascent but subsequently retreated throughout the trading day. Despite the pullback, both the Nasdaq and the S&P 500 closed in positive territory. Specifically, the Nasdaq surged by 243.30 points, or 1.2%, to close at 19,864.90, and the S&P 500 rose 32.91 points, or 0.6%, to 5,975.38. Conversely, the Dow slightly fell by 25.57 points, or 0.1%, to 42,706.56.
Internationally, stock markets across the Asia-Pacific region predominantly recorded gains on Tuesday, with Japan’s Nikkei 225 Index rising by 2.0% and China’s Shanghai Composite Index increasing by 0.7%. However, Hong Kong's Hang Seng Index diverged, dropping by 1.2%. In Europe, market performance is mixed, as the U.K.'s FTSE 100 Index decreased by 0.1%, while Germany's DAX Index and France's CAC 40 Index rose by 0.6% and 0.7%, respectively.
In the commodities sphere, crude oil futures have increased by $0.43, reaching $73.99 per barrel, reversing Monday's decline of $0.40 to $73.56 per barrel. Simultaneously, gold futures have jumped by $27.40 to $2,674.80 an ounce after falling $7.30 in the previous session to $2,647.40 an ounce.
On the currency market, the U.S. dollar is trading at 157.64 yen, slightly up from 157.62 yen at Monday's close in New York. Against the euro, the dollar is valued at $1.0398, up from Monday’s $1.0390.
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