In the early morning of Tuesday, Dow Jones futures, along with S&P 500 futures and Nasdaq futures, experienced a drop ahead of the release of key housing data. Analysts are particularly interested in the Case-Shiller Home Price Index and the FHFA House Price Index, both of which are due out at 9 a.m. ET. Wall Street is expecting a rise of 0.6% in the Case-Shiller index for July, compared to June’s increase of 0.9%. In addition to housing data, consumer confidence data is also set to be released at 10 a.m. ET, with the index predicted to dip to 105.9 in September.
In the stock market, DraftKings saw a significant rise of 3% following an upgrade from JPMorgan, which also raised the price target for the stock. However, other tech giants such as Apple and Microsoft experienced declines in their stock prices. Meanwhile, Tesla traded down 0.5% and Nvidia rose 0.3%. Among the stocks to watch during the ongoing stock market correction are Airbnb, DraftKings, and Uber Technologies, as well as Dow Jones stocks Amgen and Caterpillar.
Before the opening bell, Dow Jones futures fell 0.4%, while S&P 500 futures and Nasdaq 100 futures also experienced losses. Additionally, the 10-year U.S. Treasury yield fell slightly from Monday’s long-term highs, while oil prices dropped 1% but remained near their 2023 highs. The Dow Jones Industrial Average ended its four-day losing streak on Monday, with the S&P 500 and Nasdaq composite also making gains. However, experts are cautious about predicting a new rally attempt at this time.
In terms of specific stocks, Amgen and Caterpillar are both forming potential buying points after experiencing gains recently. Airbnb and DraftKings are also building bases with significant buy points, while Uber Technologies is forming a flat base. Tesla stock moved up on Monday, yet remained below its 50-day line, and analysts are predicting that the company’s Q3 deliveries will fall below the record-setting numbers of Q2. Apple and Microsoft stocks are still below their 50-day lines, while Microsoft shares remain sharply below that line.