MARKET SNAPSHOT: U.S. Stock Futures Hold Steady, Amid Buzz That The Bull Market Is Back

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Oil prices slip; European and Japanese stocks mostly decline

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U.S. stock futures on Tuesday pointed to little change at the open, but some analysts said last week's record-setting advance means the market's bull run is back.

S&P 500 futures shed 1.80 points, or 0.1%, to 2,412, putting the benchmark on track to catch its breath after rising for seven sessions in a row. The Dow Jones Industrial Average futures gave up 9 points, or less than 0.1%, to 21,057, while Nasdaq-100 futures dipped by 0.25 point to 5,792.

"We view the S&P 500's breakout above 2,400 as confirmation that the bull market is resuming following a three-month internal correction," said Ari Wald, technical analyst at Oppenheimer, in a note.

The stock benchmark had scored a record close on March 1, then it had struggled to move beyond that peak until last week.

U.S. markets were closed Monday for the Memorial Day holiday. On Friday, the S&P and Nasdaq Composite inched higher to all-time closing highs (http://www.marketwatch.com/story/record-run-for-us-stocks-hangs-in-the-balance-ahead-of-holiday-weekend-2017-05-26) and weekly gains of 1.4% and 2.1%, respectively, while the Dow edged down for the session, but still tacked on 1.3% for the week.

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Other markets:Oil futures (http://www.marketwatch.com/story/crude-oil-falls-building-on-recent-losses-as-traders-return-from-holiday-2017-05-30) fell early Tuesday, extending their recent drop, and gold futures also lost ground. European markets were mostly edging lower (http://www.marketwatch.com/story/european-stocks-head-for-4th-straight-loss-as-banks-suffer-from-italian-jitters-2017-05-30), while Japanese stocks (http://www.marketwatch.com/story/nikkei-eases-as-nervous-investors-push-yen-higher-2017-05-30) finished slightly down, as Chinese exchanges were shuttered for a holiday. A key dollar index was inching higher.

Economic news: April figures for personal income, consumer spending and core inflation are due to hit at 8:30 a.m. Eastern Time. Economists polled by MarketWatch expect 0.4% growth for the income reading, a 0.4% rise for the spending number and a 0.1% increase for the inflation metric.

Case-Shiller's March report on home prices is on tap for 9 a.m. Eastern, and a May figure for a consumer confidence index is slated to arrive at 10 a.m. Eastern, with economists expecting a reading of 118.6.

See:The economy seems frozen in time, but underneath the ice the water is warming (http://www.marketwatch.com/story/the-economy-seems-frozen-in-time-but-underneath-the-ice-the-water-is-warming-2017-05-28)

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Fed Gov. Lael Brainard is due to give a speech on economy and monetary policy to the New York Association for Business Economics at 1 p.m. Eastern.

Individual movers: U.S.-listed shares in Ryanair Holdings PLC (RYAAY) (RYAAY) look set for gains in the wake of the Irish airline's quarterly results. Europe's largest carrier by passenger numbers gave profit figures that were largely in line, and a stock buyback announcement (http://www.marketwatch.com/story/ryanair-posts-6-rise-in-profit-upbeat-on-year-2017-05-30) appeared to boost sentiment.

(END) Dow Jones Newswires

May 30, 2017 06:08 ET (10:08 GMT)