(Reuters) – U.S. stock index futures remained relatively steady on Tuesday, with a slight upward trend, as investors exercised caution ahead of the release of key economic data and sought insights into the upcoming policies of the incoming Trump administration. At 5:42 a.m. ET, Dow E-minis showed a modest increase of 32 points, or 0.07%, while S&P 500 E-minis were up 6.5 points, or 0.11%, and Nasdaq 100 E-minis saw a rise of 20.25 points, or 0.09%.
Investors are closely monitoring the Job Openings and Labor Turnover survey for November, as well as the Institute for Supply Management’s data on services activity for December, both scheduled for release at 10 a.m. ET. The significant non-farm payrolls figure is also expected later in the week, with any indications of sustained economic strength likely to influence expectations regarding the pace of the Federal Reserve’s monetary easing measures for the year.
The yield on the 10-year Treasury note has seen an increase since early December, currently trading at 4.6% – near its highest level since May 2024. Market observers anticipate the central bank to adopt a dovish stance for the first time this year in June, based on the CME Group’s FedWatch tool, following the Fed’s prediction of 50 basis points in rate cuts for 2025. The minutes from the central bank’s December meeting are slated for release on Wednesday.
Richmond Fed President Thomas Barkin’s comments on Tuesday are eagerly awaited, as he and his colleagues have frequently expressed concerns about inflation risks and emphasized the importance of maintaining higher borrowing costs, especially as Trump prepares to assume office later this month.
In the previous trading session, both the benchmark S&P 500 and the Nasdaq fell short of reaching one-week highs after President-elect Donald Trump refuted a report suggesting his team was exploring less aggressive tariff policies. This denial introduced uncertainty among market participants about the administration’s trade plans.
Analysts widely agree that if implemented, Trump’s proposed policies such as tax cuts, tariffs, and deregulation could potentially stimulate economic growth. However, there are concerns that they may also elevate inflation risks and impede the pace of the Fed’s easing measures. Additionally, the implementation of tariff plans could potentially trigger trade disputes with key international partners.
Some notable premarket movements include Nvidia, which saw a 1.6% increase following the company’s announcement of new products and partnerships at a major tech conference in Las Vegas. Micron Technology also experienced a 5.4% rise after Nvidia’s CEO, Jensen Huang, disclosed that the chipmaker would supply memory for Nvidia’s GeForce RTX 50 Blackwell family of gaming chips.
Aurora Innovation, a self-driving technology company, witnessed a significant jump of 44.4% after unveiling a long-term partnership with Nvidia and Germany’s Continental to deploy driver
