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Stock futures rose Tuesday as Wall Street readied for key retail sales data and the start of the Federal Reserve’s September policy meeting.
Futures for the Dow Jones Industrials hurtled higher 128 points, or 0.3% to 42,185.
Futures for the S&P 500 acquired 21.5 points, or 0.4%, at 5,720.75.
Futures for the NASDAQ hiked 111.75 points, or 0.6%, to 19,777.
Microsoft rose 2% after the tech giant hiked its quarterly dividend by 10.7% to 83 cents per share. The company also approved a $60 billion buyback program.
Intel shares popped about 7% in pre-market trading after the company said it plans to make its foundry business a subsidiary. The Biden administration also awarded the company up to $3 billion in funding through the Chips Act.
Investors on Tuesday will parse retail sales data for August for one final glimpse into the health of the U.S. consumer ahead of the Fed rate decision. Economists polled by Dow Jones are bracing for a 0.2% decline. Excluding autos, they see a 0.2% gain. The results could affect the rate cut outcome.
Wall Street is on standby for the Fed’s long-anticipated rate cut, a move that could help boost earnings growth for companies following a backdrop of steep borrowing costs and high inflation. The Fed first embarked on its aggressive hiking campaign in March 2022.
In Japan, the Nikkei 225 returned to trading Tuesday with a loss of 1%, while in Hong Kong, the Hang Seng strengthened 1.4%.
Oil prices increased 38 cents to $70.47 U.S. a barrel.
Gold prices lost $1.20 to $2,607.70
