The major U.S. index futures are pointing to a higher opening on Tuesday following the lackluster performance seen in the previous session. The markets may benefit from recent upward momentum, which has lifted the Nasdaq and the S&P 500 to new record highs.
Trading activity may be somewhat subdued, however, as traders look ahead to the release of key reports on retail sales and producer and consumer prices later this week.
Stocks showed a lack of direction throughout much of the trading session on Monday before ending the trading day roughly flat. Despite the choppy trading, the Nasdaq and the S&P 500 inched up to new record closing highs.
The major averages all ended the day showing moves of less than a tenth of a percent. The Dow inched up 5.34 points to 21,012.28, the Nasdaq edged up 1.90 points to 6,102.66 and the S&P 500 crept up 0.09 points to 2,399.38.
The choppy trading day came as traders seemed reluctant to make significant moves after the upward move last Friday lifted the Nasdaq and the S&P 500 to record closing highs.
Trading activity remained relatively light, as a lack of major U.S. economic data kept some traders on the sidelines.
Traders were also digesting news of pro-European centrist Emmanuel Macron’s victory in the French presidential election over the weekend.
After winning the election with some 66 percent of the vote, Macron vowed to heal the social divisions exposed by France’s acrimonious election campaign.
Macron’s resounding defeat of nationalist Marine Le Pen, who had vowed to ditch the euro and hold a referendum on France’s EU membership, brought relief to European allies.
Biotechnology stocks saw considerable weakness on the day, dragging the NYSE Arca Biotechnology Index down by 2.7 percent. The index continued to give back ground after reaching its best closing level in well over a year last Thursday.
Horizon Pharma (HZNP) posted a particularly steep loss after the drug maker reported weaker than expected first quarter…