Market Snapshot: Nasdaq set to stabilize after three-session skid

Market Snapshot: Nasdaq set to stabilize after three-session skid

U.S. stock futures traded flat to slightly higher Tuesday, suggesting the tech-laden Nasdaq Composite may be stabilizing after its three-session slide.

What are the main benchmarks doing?

Dow Jones Industrial Average futures YMU8, +0.16%  rose by 9 points, or less than 0.1%, to 25,294, while S&P 500 futures ESU8, +0.27% added 3.80, or 0.1%, to 2807. Nasdaq-100 futures NQU8, +0.16% added 7.50 points, or 0.1%, to 7,208.

On Monday, the Dow DJIA, -0.57%  , S&P SPX, -0.58% and Nasdaq Composite COMP, -1.39% all slumped, leaving the Nasdaq down by 3.8% over the past three sessions.

With one session left in July, the Dow is up 4.3% for the month, while the S&P and Nasdaq have tacked on 3.1% and 1.6%, respectively.

What’s driving markets?

Some Silicon Valley juggernauts including Facebook Inc. FB, -2.19% and Twitter Inc. TWTR, -8.03% have tumbled in recent sessions after disappointing earnings reports, and the pressure on those shares has also weighed on the broad market.

So Apple Inc.’s AAPL, -0.56% release after the market’s close Tuesday will be closely watched.

What are strategists saying?

“Tech investors have their eyes on Apple today,” said Naeem Aslam, chief market analyst at ThinkMarkets, in a note. He said the iPhone maker’s earnings “may save” the Nasdaq.

Which economic reports are on tap?

June readings on personal incomes, consumer spending and core inflation are due at 8:30 a.m. Eastern Time, and a release on second-quarter employment costs is also expected at that time.

At 9 a.m. Eastern, investors are slated to get a May report on home prices. A July release on business conditions in the Chicago area is scheduled to hit at 9:45 a.m. Eastern, followed by a May figure for consumer confidence at 10 a.m. Eastern.

Check out: MarketWatch’s Economic Calendar

The Federal Reserve’s policy makers are due to start a two-day meeting. They are expected to signal on Wednesday that more interest-rate hikes are coming, but not to raise rates at this month’s meeting.

In other central bank news, the Bank of Japan bucked market expectations and kept its ultra-easy monetary policy, sending the dollar up against the yen USDJPY, +0.42%  .

Which stocks are in focus?

Shares in Pfizer Inc. PFE, +0.47%  , Procter & Gamble Co. PG, -0.47%  , Cummins Inc. CMI, -1.26%  , Archer Daniels Midland Co. ADM, -0.55% and Johnson Controls International PLC JCI, +1.11% are likely to see active trading as they’re among the companies expected to post earnings before the open.

What are other markets doing?

Oil futures CLU8, -0.63% and gold futures GCZ8, -0.34% were falling, while the dollar index DXY, -0.06% was little changed. European stocks SXXP, +0.20% traded mixed, after Asia finished mixed.

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