U.S. stock futures traded flat in overnight trading Tuesday after stocks dropped in the previous session.
Dow futures added 25 points. S&P 500 futures rose 0.1% and Nasdaq 100 futures increased 0.15%.
Recently, the major averages declined compared with Monday results. The Dow Jones Industrial Average missed 143 points, pushed by a 2.6% decrease in Intel. The S&P 500 lost around 0.8%.
The Nasdaq Composite became one of the most prominent losers, slipping approximately 1.7% since Microsoft, Facebook, Apple, Amazon, Alphabet and Netflix ended trading in red territory. Russell 2000 lost 1.93%.
“On a day with little major news and ahead of important news soon to come — Fed meeting and the jobs numbers— investors took the opportunity to take some profits from yesterday’s big recovery,” said Jim Paulsen, chief investment strategist at the Leuthold Group. Tuesday’s “worst performer, technology, was yesterday’s biggest winner.”
The 10-year Treasury yield, closely followed by investors, dropped to 1.40% on Tuesday.
“Overall, buy on the dip is alive and well,” explained Jim Paulsen. “Despite a turbulent couple days, the S&P 500 has risen 1.55% so far this week dominated by reopening plays including materials, industrials, financials, and energy with technology being a market performer.”
President Joe Biden said that the U.S. will have sufficient coronavirus vaccines amount by May. The vaccination rollout is seen as a main instrument to make Americans get back to work and will ensure economic recovery.
Private payroll data for February will give investors an insight into the labor market. Economists polled by Dow Jones expect 225,000 private jobs were added in February, higher than the 174,000 added in January.