After ending the previous session notably higher, stocks may give back some ground in early trading on Tuesday. The major index futures are currently pointing to a modestly lower open for the markets, with the Dow futures down by 19 points.
Profit taking may contribute to early weakness on Wall Street following yesterday’s strong gains, which extended a recent uptrend by the markets.
A pullback by the price of crude oil may also weigh on the markets, with crude for April delivery slipping $0.36 to $33.03 a barrel.
Economic data may also impact trading on the day, as several key economic reports are scheduled to be released this morning.
Shortly, Standard & Poor’s is scheduled to release its report on home prices in major metropolitan areas in the month of December.
Reports on existing home sales and consumer confidence are also due to be released shortly after the start of trading on Wall Street.
Among individual stocks, shares of Jakks Pacific (JAKK) are moving notably lower in pre-market trading after the toymaker reported a wider than expected fourth quarter loss and provided disappointing guidance.
Huron Consulting Group (HURN) may also see early weakness after reporting fourth quarter results that came in below analyst estimates.
On the other hand, shares of Texas Roadhouse (TXRH) are likely to move to the upside after the restaurant chain reported better than expected fourth quarter results.
Stocks moved sharply higher in early trading on Monday and remained firmly positive throughout the trading session. With the upward move on the day, the major averages added to the strong gains posted in the previous week.
The major averages moved roughly sideways going into the close, ending the day firmly in positive territory. The Dow jumped 228.67 points or 1.4 percent to 16,620.66, the Nasdaq soared 66.18 points or 1.5 percent to 4,570.61 and the S&P 500 surged up 27.72 points or 1.5 percent to 1,945.50.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan’s Nikkei 225 Index fell by 0.4 percent, while Hong Kong’s Hang Seng Index dipped by 0.3 percent.
The major European markets have also moved to the downside on the day. While the German DAX Index has slid by 0.9 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index are down by 0.6 percent and 0.5 percent, respectively.
In commodities trading, an ounce of gold is currently trading at $1,224.70, up $14.60 from the previous session’s close of $1,210.10. On Monday, gold fell $20.70.
On the currency front, the U.S. dollar is trading at 112.06 yen compared to the 112.92 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1009 compared to yesterday’s $1.1030.