Stock futures traded lower Tuesday as investors attempted to keep building on early 2023 momentum and looked ahead to more corporate earnings.
Futures tied to the Dow Jones Industrial Average lost 75 points, or 0.2%. S&P 500 futures dropped 0.3%, while Nasdaq-100 futures slid 0.4%.
All three of the major indexes are up coming off a positive first two weeks of trading in the new year. The Nasdaq Composite is leading the way up 5.9%, as investors bought beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 and Dow have advanced 4.2% and 3.5%, respectively, since the start of the year.
Gains have come on the back of the first crop of inflation-related data that investors saw as indicating a contracting economy, with hopes that will give the Federal Reserve justification to slow interest rate hikes once again. Last week, the consumer price index for December showed prices cooled 0.1% from the prior month, but prices were still 6.5% higher than the same month a year ago.
