The stock market may see a downward shift in the early trading hours of Tuesday. This follows the substantial upturn witnessed in the previous trading session. Indicators suggest a lower opening with the S&P 500 futures projected to drop by 0.4 percent.
Nvidia (NVDA) shares might impose some selling pressure as the company is experiencing a slump of about 2.7 percent in pre-market trading. The company unveiled its latest line of AI chips, known as Blackwell, during its premiere GTC Conference on Monday.
Shares of Super Micro Computer (SMCI) are also experiencing a pronounced decrease, dropping by 10.6 percent in pre-market trading. This drop comes after the company announced its plan to introduce a registered public offering of 2 million shares of its common stock.
The anticipation concerning the Federal Reserve's major monetary policy announcement on Wednesday could also affect Wall Street. While it is widely expected that the interest rates will remain unchanged, the central bank's statement and economic projections may influence future rates.
Recent higher-than-expected inflation readings have lessened the optimism concerning the potential of the Fed's first rate cut in June.
In terms of economic progression, a report from the Commerce Department highlights a significant rebound in new residential construction in the US throughout February. The housing starts increased by 10.7 percent to an annual rate of 1.521 million, following a decrease of 12.3 percent to 1.374 million in January. Projections indicated a surge of 7.1 percent to a rate of 1.425 million.
Building permits rose by 1.9 percent to an annual rate of 1.518 million, after a slight decrease of 0.3 percent to a revision of 1.489 million in January.
Stocks retreated slightly during Monday's trading session but still closed mostly higher. With this positive shift, the Nasdaq and S&P 500 recovered after three straight closing sessions of decline.
Overseas stock markets demonstrated mixed performance throughout Tuesday's trading. The Japanese Nikkei 225 Index rose by 0.7 percent, while China's Shanghai Composite Index reduced by 0.7 percent.
Major European markets are also showcasing mixed results. While the UK's FTSE 100 Index is down by 0.2 percent, the German DAX index remains relatively stable and the French CAC 40 Index is up by 0.2 percent.
During commodities trading, Crude oil futures modestly climbed to $82.76 a barrel following an increase of $1.68 to $82.72 a barrel on Monday. Gold futures, however, are seeing a decrease of $8.60 to $2,155.70 an ounce after a slight increase of $2.80 to $2,164.30 in the previous session.
In the currency market, the US dollar is trading at 150.44 yen in comparison to the 150.15 yen at the close of New York trading on Monday. Against the euro, the dollar is currently valued at $1.0852 versus $1.0872 of the previous day.
