DOW JONES is trading up 0.55% at 31234.00
U.S. stocks are seen opening higher Tuesday, rebounding after the previous session’s losses as a busy week of corporate earnings continues.
At 07:00 AM ET (1100 GMT), the Dow Futures contract was up 205 points, or 0.7%, S&P 500 Futures traded 32 points, or 0.9% higher, and Nasdaq 100 Futures climbed 105 points, or 0.9%.
The main indices on Wall Street closed lower Monday, with the blue-chip Dow Jones Industrial Average dropping over 200 points, or 0.7%, following a report that Apple (NASDAQ:AAPL) was going to slow hiring, becoming the latest tech giant to put the brakes on as the economic outlook grows murkier.
The Federal Reserve is widely expected to raise rates later this month, although expectations that last week’s red-hot inflation data will push the policymakers to agree to a 1% hike have gradually lessened.
A number of major U.S. banks have already reported results, and although they generally have been solid, the country’s largest, JPMorgan (NYSE:JPM), suspended share buybacks citing growing risks of a recession.
The economic data slate centres around the housing market, with new home starts for June expected to rise to 1.58 million, up slightly from the 1.55 million prior reading. This has been a very hot segment of the markets until recently, and rising interest rates could weigh heavily going forward.
On technical fronts DOW JONES RSI stood at 52.43 and currently it is trading above all MA. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : DOW JONES – BUY: 31245.00, TARGET: 31486.00, STOP LOSS: 30951.00