Analyst: 'Wait-and-see trading' for equities ahead of key events later this week
U.S. stock futures on Tuesday pointed to little change at the open, as analysts said traders are avoiding big bets ahead of key events later this week.
S&P 500 futures inched down by 1.10 points, or less than 0.1%, to 2,423.50, while Dow Jones Industrial Average futures edged up by 1 point to 21,360.00. Nasdaq-100 futures gave up 3.50 points to 5,690.50.
"Forex and equities markets seem to have entered into another bout of wait-and-see trading as the moves of recent days begin to settle down," said Richard Perry, a Hantec Markets analyst, in a note.
"This comes ahead of some key market-moving events towards the end of the week," Perry added, referring to Federal Reserve chief Janet Yellen's appearances before U.S. lawmakers on Wednesday and Thursday, as well as Friday's releases covering inflation and retail sales.
On Monday, the S&P 500 and Nasdaq Composite gained 0.1% and 0.4%, respectively, while the Dow finished lower by less than 0.1% (http://www.marketwatch.com/story/us-stock-futures-mostly-inch-higher-with-tech-stocks-on-track-for-another-rally-2017-07-10).
Other markets: Most Asian markets closed with gains (http://www.marketwatch.com/story/asian-markets-rise-driven-by-tech-stock-gains-2017-07-11) on Tuesday, while European stocks (http://www.marketwatch.com/story/european-stocks-stuck-in-tight-ranges-as-traders-wait-for-yellen-2017-07-11) were stuck in tight ranges. Oil futures (http://www.marketwatch.com/story/oil-prices-build-on-rebound-amid-production-cap-talk-for-libya-nigeria-2017-07-11) moved lower after Monday's rally (http://www.marketwatch.com/story/oil-prices-rebound-as-some-see-last-weeks-selloff-as-overdone-2017-07-10). Gold futures also slipped, and a key dollar index inched higher.
Economic news: A June reading on small-business sentiment is slated to hit at 6 a.m. Eastern Time.
At 10 a.m. Eastern, May figures for job openings and wholesale inventories are expected to arrive.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
On the Federal Reserve front, Fed Gov. Lael Brainard is due to give speech on monetary policy at 12:30 p.m. Eastern at a New York Fed conference. At 1:20 p.m. Eastern, Minneapolis Fed President Neel Kashkari is scheduled to take part in a Q&A at the Minnesota Women's Economic Roundtable.
Individual movers: Shares in PepsiCo Inc.(PEP) are likely to see active trading as the producer of snacks and soft drinks is expected to post earnings before the open.
Amazon.com Inc.(AMZN) also could be a notable mover, as the e-commerce king's Prime Day promotion is underway on Tuesday.
See:6 money-saving tips for Amazon Prime Day -- even if you're not a member (http://www.marketwatch.com/story/6-money-saving-tips-for-amazon-prime-day-even-if-youre-not-a-member-2017-07-10)
And read:Amazon is taking away brands' power, throwing another industry into turmoil (http://www.marketwatch.com/story/amazon-is-taking-away-the-power-of-brand-names-throwing-another-industry-into-turmoil-2017-07-10)
(END) Dow Jones Newswires
July 11, 2017 05:48 ET (09:48 GMT)