(CercleFinance.com) – The New York Stock Exchange is expected to continue its decline on Tuesday morning pending the publication of several indicators on services activity in the United States, including the non-manufacturing ISM.
Half an hour before the opening, futures contracts on the main New York indices fell by 0.4% to 0.7%, suggesting a cautious start to the session.
Wall Street had already taken a break on Monday after having posted seven weeks of increases out of nine since the start of the year, a dynamic which allowed it to set a series of records.
If the good performance of the American economy and a successful earnings season have given investors something to rejoice about, the markets are saying that they may have moved a little too quickly, with the Nasdaq already posting a gain of almost 8% since January 1.
Following the strong economic indicators recently published, investors are awaiting the ISM services index for February, as well as industrial orders figures.
Investors will also take note, shortly after the opening, of the S&P Global PMI index measuring activity in the tertiary sector.
These indicators will allow us to see whether the ‘good news is good news’ approach, which recently won the day on the stock market, remains appropriate even if it means less support from the Fed.
Speakers will also monitor the outcome of the primaries in preparation for the November 5 presidential election, with ‘Super Tuesday’ taking place today.
This crucial day, which will see around a third of the delegates nominate the candidates of the Democratic and Republican parties, is however deprived of suspense knowing that the immense majority of the two camps will support Joe Biden on one side and Donald Trump on the other.
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