Traders work during morning trading on the New York Stock Exchange (NYSE) on February 1, 2023 in New York City.
Michael Santiago | Michael M. SantiagoGetty Images
U.S. stock futures were little changed Tuesday evening as Wall Street looked to resume a holiday-shortened week.
Dow Jones Industrial Average futures fell 31 points, or 0.09%. S&P 500 and Nasdaq 100 futures were down 0.05% and 0.11%, respectively.
Markets were closed on Tuesday for the National Day holiday. They closed early Monday.
Investors had a positive session on Monday, which kicked off a new month, quarter and half year for traders. Stocks edged higher in the shortened session, with the Dow Jones Industrial Average up 10.87 points, or 0.03%. The S&P 500 rose 0.12% and the Nasdaq Composite closed up 0.21%.
These gains build on a strong start to the year. Last week, the Nasdaq Composite posted its best first-half performance since 1983, while the S&P 500 posted its best first-half gain since 2019 as a surge in interest in artificial intelligence boosted sentiment. boosted investor optimism about the stock market. The Dow Jones Industrial Average lagged behind, rising just 3.8%. Some market participants expect this could mean continued gains in the second half of the year.
“We’ve been bullish. We still think there’s going to be a rally,” Ryan Detrick of the Carson Group said Monday on CNBC’s “Closing Bell.” He added, “Maybe We’re going to have a pullback sometime in August, September, October — that’s totally normal — but we’ll buy any weakness.”
On the economic front, traders are eyeing data on factory orders for May to be released after the market opens on Wednesday. Economists polled by Dow Jones expected growth of 0.6%, up from 0.4% in the previous month.
Investors are also looking forward to the release of the minutes of the June Fed meeting at 2 p.m. ET, which could provide some clues on the path of future rate hikes.
Elsewhere, New York Fed President John Williams is expected to speak at the Central Banking Research Association (CEBRA) 2023 Annual Conference in New York City at 4 p.m. ET.