Oil prices slip; European and Japanese stocks mostly decline
U.S. stock-index futures on Tuesday were set to retreat slightly from last week's record levels, though the market's uptrend remained intact following a multisession rally.
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S&P 500 futures shed 4.3 points, or 0.2%, to 2,410. The Dow Jones Industrial Average futures gave up 28 points, or 0.1%, to 21,038, while Nasdaq-100 futures dipped by 6.25 point to 5,786.25, a decline of 0.1%.
The S&P 500 and the Nasdaq Composite Index so far have registered seven straight sessions of gains, while the Dow has climbed in six of the past seven sessions. That rally took the S&P back above 2,400, viewed as a key psychological level and the Nasdaq to closing records on Friday (http://www.marketwatch.com/story/record-run-for-us-stocks-hangs-in-the-balance-ahead-of-holiday-weekend-2017-05-26), while the Dow is within 30 points of its own record, previously hit in March.
"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.
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 0.7% 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 closed for a holiday. A key dollar index was inching higher.
Economic news: In the latest economic data, U.S. consumer spending rose 0.4% in April, while personal income was up by the same amount. Both were in line with expectations. Separately, personal-consumption expenditures were up 0.2% in the month; core PCE was also up 0.2%. Economists polled by MarketWatch were looking for a 0.1% increase in the Federal Reserve's preferred 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)
And check out:
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:Atwood Oceanics (ATW) soared 24% in premarket trading after Ensco PLC. (ESV) agreed to buy the company. Shares of Ensco lost 2.2%.
Xactly Corp.(XTLY) jumped 16% before the bell after it agreed to be acquired (http://www.marketwatch.com/story/xactly-corp-stock-halted-for-news-of-acquisition-by-vista-equity-partners-2017-05-30) by the private-equity firm Vista Equity Partners for about $564 million.
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 08:50 ET (12:50 GMT)