Introduction to the Stock Market
The US stock market is set to open positively on Tuesday, with investors eagerly awaiting Federal Reserve Chair Jerome Powell’s speech for clues on the central bank’s future monetary policy direction. At the time of writing, Dow Jones futures were up 0.13%, while S&P 500 futures edged lower by 0.03%. The tech-heavy Nasdaq 100’s futures rose 0.02%, and futures of the Russell 2000 index were up 0.04%.
Market Trends
The SPDR S&P 500 ETF (SPY) was down 0.03% at the time of writing, while the Invesco QQQ Trust (QQQ) rose 0.02% on Tuesday morning. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory, indicating a positive outlook for the market. Asian markets ended Tuesday’s trading session on a mixed note, with the TWSE Capitalization Weighted Stock index gaining the most at 1.4%, followed by the KOSPI at 0.5%. The Shanghai Composite index declined 0.9%, while the Hang Seng index closed lower by 0.54%. The Nikkei 225 index was closed for trading due to the Autumnal Equinox.
Stocks to Watch
Several stocks are making headlines in Tuesday’s pre-market session. These include:
- Boeing Co. (BA): Boeing shares were up nearly 3% amid reports that the US and China are in the final stages of negotiation for a "huge" deal for the company’s aircraft.
- MicroCloud Hologram Inc. (HOLO): MicroCloud shares continued to soar following an announcement by the company on Friday last week that it has developed a universal quantum probability theory to control the phase of quantum photonic states.
- Better Home & Finance Holding Co. (BETR): Better Home’s shares were up nearly 25% in Tuesday’s pre-market trade after hedge fund manager Eric Jackson disclosed a position in the company on Monday.
- Firefly Aerospace Inc. (FLY): Firefly Aerospace shares plunged nearly 10% pre-market after the company’s second-quarter results missed Wall Street expectations.
- CleanSpark Inc. (CLSK): CleanSpark shares surged more than 5% in Tuesday’s pre-market session after the Bitcoin mining company secured a new $100 million credit facility with Coinbase Prime.
- Micron Technology Inc. (MU) and Aytu BioPharma Inc. (AYTU): These companies are among those scheduled to announce their latest quarterly results on Tuesday.
Conclusion
The stock market is poised for a positive opening on Tuesday, driven by anticipation of Federal Reserve Chair Jerome Powell’s speech and significant movements in various stocks. Investors are advised to keep a close eye on these developments and adjust their strategies accordingly. As the market continues to evolve, it is essential to stay informed about the latest trends and updates to make informed decisions.
