Futures on the New York Stock Exchange remained largely unchanged on Tuesday as investors await further economic data and Federal Reserve Chair Jerome Powell’s address on Wednesday before recalibrating their hopes for interest rate cuts later in the year. Futures on the S&P 500 slipped by 0.1%, as did Nasdaq 100 contracts.
March jobs data, set to be released later this week is expected to show that employment has continued to rise this past month. While Powell is expected to provide more insight in Wednesday’s speech, he previously mentioned that Fed policymakers are awaiting further evidence to suggest that prices are being contained before introducing interest rate cuts.
Oil edged towards a five-month high as Middle East tension continues and Mexican supplies remain tight. West Texas Intermediate rose 0.6% to $84.25 per barrel. Spot gold traded 0.2% higher at $2,255.31 an ounce.