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US Stock Futures Steady
US stock futures were relatively steady during overnight trading on Tuesday, July 1, as investors began the second half of the year with a decline in their appetite for technology stocks.
Dow Jones Industrial Average futures rose seven points, or 0.02%. S&P 500 futures edged up slightly, while Nasdaq 100 futures rose 0.03%.
This follows mixed performances during the regular trading session on Tuesday, with the Dow Jones Industrial Average rising 400 points and the S&P 500 falling 0.1%. The Nasdaq Composite fell 0.8% as traders avoided the technology stocks that led the market's second-quarter recovery.
The information technology sector of the S&P 500—which includes companies such as Nvidia, Palantir, and Advanced Micro Devices—lost more than 1% in Tuesday trading, as did the telecommunications services sector.
Instead, investors gravitated toward healthcare and materials stocks. The Dow Jones Industrial Average rose, boosted by gains in Amgen, Johnson & Johnson, and UnitedHealth.
In other news, the U.S. Senate narrowly passed President Donald Trump's proposed tax and spending bill on Tuesday, sending it to the House of Representatives for consideration amid opposition from Republican lawmakers.
However, Rascoe said this disruption is likely to be short-lived. "Once these issues are resolved and the Federal Reserve gets back on its feet, there will be plenty of opportunities," he added.
Traders are also looking ahead to any progress on trade agreements, with the 90-day suspension of high U.S. tariffs set to expire next week.
