Stock Market Today: S&P 500, Dow Jones Futures Gain Over Israel, Iran Ceasefire—Amplitech Group, Vail Res
U.S. stock futures rose on Tuesday, as the Nasdaq 100, S&P 500, and the Dow Jones indices gained, following Monday’s mixed close.
Meanwhile, the 10-year Treasury bond yielded 4.55%, and the two-year bond was at 4.15%. The CME Group’s FedWatch tool‘s projections show markets pricing a 98.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.16% |
| S&P 500 | 0.38% |
| Nasdaq 100 | 0.71% |
| Russell 2000 | 0.72% |
Stocks In Focus
Vail Resorts
- Vail Resorts Inc. (NYSE:MTN) dropped 4.53% in premarket on Tuesday after posting worse-than-expected third-quarter results after Monday’s closing bell.
- Benzinga’s Edge Stock Rankings indicate that MTN maintains a weak price trend in the long term but a strong trend in the medium and short terms, with a poor growth ranking.
Mission Produce
- Mission Produce Inc. (NASDAQ:AVO) declined by 5.43% after reporting downbeat second-quarter results after Monday’s closing bell. The company also announced a $100 million buyback plan.
- Benzinga’s Edge Stock Rankings indicate that AVO maintains a weak price trend in the short, long, and medium terms, with a poor quality score.
Amplitech Group
- Benzinga’s Edge Stock Rankings indicate that AMPG maintains a strong price trend in the long, short, and medium terms.
Nebius Group
- Nebius Group NV (NASDAQ:NBIS) rose 4.59% as it launched a physical AI living lab for UK and European robotics startups built with Nvidia technologies.
- Benzinga’s Edge Stock Rankings indicate that NBIS maintains a strong price trend in the long, medium, and short terms, with a poor value score.
Casey’s General Stores
- Casey’s General Stores Inc. (NASDAQ:CASY) was 0.057% lower as the Wall Street expects it to post quarterly earnings of $3.30 per share on revenue of $4.30 billion after the closing bell.
- Benzinga’s Edge Stock Rankings indicate that CASY maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a moderate value score.
Cues From Last Session
Sectors on the S&P 500 that closed higher on Monday included only information technology, energy, and consumer discretionary. Consumer staples, utilities, real estate, health care, financials, materials, communication services, and industrials fell.
Insights From Analysts
LPL Financial expects the U.S. economy to maintain its current momentum, noting that “incoming data has generally surprised to the upside.”
This resilient data supports a “broader narrative of resilience” or a “soft landing plus” scenario, driven largely by rising near-term real growth expectations. This strength is heavily underpinned by “ongoing investment in the artificial intelligence buildout”.
Regarding the stock market, LPL Financial’s Strategic and Tactical Asset Allocation Committee (STAAC) expects “further easing of geopolitical and commodity supply concerns” stemming from the U.S.-Iran conflict.
Consequently, the firm maintains a positive outlook for equities over fixed income, recommending a “tactical equity overweight and fixed income underweight.”
To navigate the changing rate environment safely, they advise expressing this tactical equity exposure “via a defensive factor tilt.”
Ultimately, while bond yields face a transition, LPL Financial anticipates that the combination of robust productivity gains and underlying economic resilience will continue to provide a supportive backdrop for corporate earnings and the broader equity market.
Upcoming Economic Data
Here’s what investors will be keeping an eye on Tuesday.
- May’s NFIB optimism index data will be released by 6:00 a.m., and April’s U.S. trade balance data will be out by 8:30 a.m. ET.
- May’s existing home sales report and April’s wholesale inventories data will both be out by 10:00 a.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 2.41% to hover around $89.10 per barrel.
Gold Spot US Dollar rose 0.10% to hover around $4,334.45 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.12% lower at the 99.9250 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.33% lower at $99.9250 per coin, as per the last 24 hours.
Asian markets closed mixed on Tuesday, as Hong Kong’s Hang Seng and Australia’s ASX 200 indices declined, while India’s Nifty 50, Japan’s Nikkei 225, South Korea’s Kospi, and China’s CSI 300 indices rose. European markets were also mixed in early trade.
Photo courtesy: Shutterstock
