The New York Stock Exchange welcomes Lightning eMotors (NYSE: ZEV) on May 24, 2021 in celebration of its transition to a public company.
Stock futures rose marginally in overnight trading after Tuesday’s market rally stalled and major indices ended the regular session slightly lower.
The futures on the Dow Jones Industrial Average rose 53 points, or 0.15%. S&P 500 and Nasdaq 100 futures also gained 0.19% and 0.26%, respectively.
Nordstrom shares fell more than 6% in extended trading after the company missed Street earnings expectations for the first quarter, while Urban Outfitters shares rose roughly 6% after better-than-expected quarterly results after the bell.
The market struggled to find direction on Tuesday. Shares rose higher at the beginning of the session but ended up closing lower. The S&P 500 fell 0.2% as the energy sector lagged. The Nasdaq Composite closed flat while the Dow Jones Industrial Average fell 81.52 points, or 0.2%.
Airlines, cruise lines, and home builders stocks did better. United Airlines surged 1.5% after the airline said domestic leisure fairs this month reopened above 2019 levels. Royal Caribbean and Norwegian Cruise Line stocks rose 3.6% each. NVR shares rose around 4%.
The strong performance in the reopening of stocks suggests that “investors are also leaning into normalcy,” wrote Chris Hussey, managing director of Goldman Sachs, in a note. “The news of the US recovery remains very encouraging. And it’s interesting to see that some stocks may not have fully priced it in yet.”
“Low volatility, flat stocks, falling US Treasury bond yields, and low trading volumes – feels like a Tuesday in the week leading up to the holidays. In other words, it feels … normal,” Hussey said.
Investors await a speech by Federal Reserve Vice Chairman Randal Quarles on Wednesday as concerns about inflation and possible rejuvenation persist.
Senior executives at the country’s largest banks – including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley – will testify before the Senate Banking Committee on Wednesday morning.
Dick’s Sporting Goods, American Eagle Outfitters, NVIDIA, Snowflake and other companies are expected to show profits on Wednesday.
– CNBC’s Michael Bloom contributed to the coverage.