Futures of U.S. stock markets rose on Tuesday, suggesting gains in technology stocks will help send the S&P 500 to an all-time high as investors expected real estate market data.
Futures linked to the S&P 500 rose 0.2%. A day earlier, the broad market index closed at the second highest level in history. Dow Jones Industrial Average futures gained 0.1% on Tuesday, while high-tech Nasdaq-100 futures rose 0.2%.
Shares have been rising as investors weigh in on strong corporate gains and the economic rebound in the face of the global rise in Covid-19 cases, which is causing further restrictions in some markets. Money managers are also assessing whether the Federal Reserve may slow down plans to reduce its easy money policies because of symptoms that economic growth may slow.
“Markets are struggling to get some direction after having a huge career,” said Mike Stritch, director of investment at BMO Wealth Management. “People are wondering, what’s the next catalyst to drive the market higher, or is the handful of risks there is enough to give people one more break?” He said.
In the premarket trade, Palo Alto Networks jumped above 11% after the cybersecurity company reported last Monday a better-than-expected revenue growth. CrowdStrike Holdings rose 4% after Nasdaq said it would add shares to its Nasdaq-100 index on Thursday. Best Buy rose more than 4% after saying sales rose in the second quarter.