MARKET SNAPSHOT: U.S. Stock Futures Struggle To Gain Momentum As Fears Subside

By Sara Sjolin, MarketWatchFeaturesDow Jones Newswires

Three Fed speakers and a clutch of earnings ahead

U.S. stocks look set for another day of rangebound trading on Tuesday, as investors struggled to find fresh catalysts to push the markets further into record territory, though a slate of Federal Reserve speakers and earnings lie ahead.

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Futures for the Dow Jones Industrial Average rose 9 points to 20,950, while those for the S&P 500 index were flat at 2,395. Futures for the Nasdaq-100 index gained 0.75 point to 5,656.25.

The subtle moves come after a day of listless trading activity on Monday, after the widely expected victory for independent centrist Emmanuel Macron in the French election failed to lift investors.

Read:Here's why the Macron-inspired rally for global markets is fizzling (

The S&P 500 index and Nasdaq Composite Index barely finished in positive territory, but the tiny gains were still enough to represent new all-time highs for both benchmarks ( The Dow average rose less than 0.1%.

"With [the French election] hurdle cleared, investors have already turned their attention to a roster of risk events over the next six weeks, including U.K. and French [parliamentary] elections, major central bank updates and an OPEC meeting," analysts at Accendo Markets said in a note.

Macron easily defeated far-right nationalist Marine Le Pen, seen as a removal of potential geopolitical turmoil in Europe. That helped send the CBOE Volatility Index to its lowest level since 1993 (, "suggesting low anxiety among investors who are merely awaiting the next catalyst to extend the long-term uptrend," according to the Accendo analysts.

Economic news: The Federal Reserve meeting in June is one of the events traders are waiting for to potentially steer the market higher. According to the CME FedWatch tool, markets are pricing in an 88% chance of a rate hike at the U.S. central bank's June 14 meeting.

On Tuesday, several Fed speakers will be closely watched for any hints about the upcoming policy decision.

Minneapolis Fed President Neel Kashkari will talk at the Minnesota High Tech Spring Conference in Minneapolis at 9 a.m. Eastern Time, followed by a speech by Boston Fed President Eric Rosengren at the NYU Stern School of Business at 1 p.m. Eastern.

Dallas Fed President Rob Kaplan will appear in a moderated discussion at the Dallas Regional Chamber in Dallas at 4:15 p.m. Eastern.

In economic data, the NFIB small-business index for April is due at 6 a.m. Eastern. Job openings and wholesale inventories -- both for March -- are out at 10 a.m. Eastern.


Earnings season: In another busy day for financial results, Nvidia Corp.(NVDA) , Office Depot Inc.(ODP) , Allergan PLC (AGN) , Valeant Pharmaceuticals International Inc.(VRX.T) and Discovery Communications Inc.(DISCK) are all slated to release earnings reports premarket.

Read:Nvidia earnings: Can AI-powered businesses make up for gaming slowdown? (

After the closing bell, Walt Disney Co.(DIS) , Priceline Group Inc.(PCLN) and Electronic Arts Inc.(EA) are on the earnings docket. News Corp.(NWS.AU) , the owner of MarketWatch, will also report after hours.

Stock movers: Shares of Marriott International Inc. (MAR) gained 3.9% in premarket trade after the hotel operator's quarterly earnings released late Monday topped Wall Street estimates (

Other markets: Stocks in Asia closed mixed, with Japan's Nikkei 225 index down 0.3%, while Hong Kong's Hang Seng Index rallied 1.3%.

Stock markets in Europe marched higher, rebounding from Monday's losses (

Read:Why 'this is the end of the European rally' in stocks, says Saxo Bank (

The dollar traded higher against most major currencies, adding pressure on gold prices .

Oil prices advanced in anticipation of a deal ( to extend output cuts when OPEC meets later in May.

Read:How oil is setting up for a supply squeeze -- and that's good news for bulls (

(END) Dow Jones Newswires

May 09, 2017 05:39 ET (09:39 GMT)