Futures for the S&P 500 index SPH4 eased 1.9 points to 1,875.30, and the Dow Jones Industrial Average eased 10 points to 16,403. Futures for the Nasdaq-100 index fell 1.25 points to 3,705.75.
Tuesday’s data includes the National Federation of Independent Business small-business index, due at 7:30 a.m. Eastern Time. Job openings and wholesale inventories for January are each due at 10 a.m. Eastern Time.
The small-business index may be the most interesting out of the batch, but otherwise markets will struggle to find much inspiration to break out of range-bound trading.With the markets being this high and so many people now beginning to raise red flags, it may just going to hang around here around these levels, though it doesn’t mean markets can’t make a new high. Psychological resistance is sitting at 1,880, and after that the next level is 1,900.
The may have to go a bit higher to go before we see any correction, and this is the time of the year when you have that influx of pension money entering the market, so that should be somewhat supportive.
Wall Street stocks recovered most of their losses on Monday, but still finished on a down note as worries over a hefty plunge in Chinese exports rattled investors. The S&P 500 retreated from its record closing level and ended the day less than a point lower at 1,877.18.
Asia stocks didn’t not rise , but did manage flat-to-positive closes after Monday’s mauling, with the China Shanghai Composite Index closing up 0.1%. European stocks wavered as banks fell. Copper prices, hit particularly hard by that downbeat Chinese export data on Monday, managed a gain of 1 cent.
The five-year period since that March 9, 2009 low, the S&P 500 is up more than 2.7 times in price terms, while the Shanghai Composite is slightly down. The Shanghai Composite is currently at its lowest level since January 2009 and at a level first breached in summer 2000.
Ukraine could worm its way back into the headlines as diplomatic efforts continued to go in circles. Russian President Vladimir Putin rejected a U.S. proposal to resolve the Ukraine crisis. As a result, U.S. Secretary of State John Kerry put off an invitation to meet Putin in Russia, something that was supposed to happen as early as this week.
Russian stocks returned from a holiday on Monday to losses, with the blue-chip MICEX index stumbling 1% and the ruble slightly lower against the dollar.Oil prices managed to perk up after Monday’s rout, while gold prices were also higher