Stock futures are pointing to another strong open Tuesday after the S&P 500 and Nasdaq both closed at record highs in Monday’s session, powered by fresh AI optimism and Micron’s historic ascent into the $1 trillion club. S&P 500 futures are up 0.5%, Nasdaq-100 futures are ahead 0.7%, and Dow futures are gaining 150 points. The tone is firmly risk-on as traders bet the AI-driven rally has room to run into the summer months.
Here’s what’s on the docket today. The economic calendar is highlighted by April new home sales data at 10:00 AM ET — consensus expects a 692,000 annualized pace, a modest uptick from March’s 683,000. The Richmond Fed Manufacturing Index prints at the same time, with a consensus of -3. The Conference Board Consumer Confidence Index for May follows at 10:00 AM as well — street estimates call for 96.5, little changed from April’s 97.0, but any upside surprise could reinforce the narrative that the consumer remains resilient.
In single-stock movers, Micron (MU) is gaining another 1.8% in pre-market action after breaching the $1 trillion market cap threshold for the first time in Monday’s session. The rally is being fueled by a fresh round of analyst upgrades tied to HBM3E memory demand for AI data centers. Nvidia (NVDA) is up 1.2% pre-market, continuing its post-earnings recovery. Apple (AAPL) is adding 0.6% ahead of its WWDC keynote next week. On the flip side, energy names are under modest pressure — ExxonMobil (XOM) is flat to slightly lower as WTI crude ticks down 0.4% overnight.
Bond yields are steady with the 10-year Treasury hovering at 4.35%, down slightly from last week’s peaks. The CME FedWatch Tool continues to price a 58% probability of a rate cut at the September FOMC meeting. With inflation data cooling and the labor market holding steady, the macro setup remains broadly supportive for risk assets heading into the session.
