US stock futures were pointing to a higher open Tuesday as stocks looked to continue a record-setting run that has become the story on Wall Street during the first quarter of the year.
Futures on the S&P 500 (^GSPC) rose nearly 0.4%, while those tied to the Dow Jones Industrial Average (^DJI) edged higher by about 0.2%. Futures tied to the tech-heavy Nasdaq Composite (^IXIC) led the way up, rising about 0.5%.
Wall Street took a break from its rally on Monday, with all three major indexes dipping slightly. But a bullish mood is prevailing, with the latest signal coming from Oppenheimer Asset Management strategist John Stoltzfus, who raised his 2024 S&P 500 price target to a Street-high 5,500.
On Tuesday, the focus turned to economic data coming down the pike. Readings on durable goods orders and US consumer confidence are due Tuesday, as is the latest release of the Case-Shiller home price index.
All of the data this week serves as appetizers for the main event on Friday, when the government will release the Personal Consumption Expenditures Price Index. That contains the Federal Reserve’s preferred look at the pace of inflation, in the form of “core” PCE growth.
In company news, former President Donald Trump’s social media company was set for its Wall Street debut after merging with Digital World Acquisition Corp. Shares of Trump Media & Technology Group Corp. (DJT) rose as much as 20% in premarket trading.
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