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U.S. stock futures on Tuesday pointed to little change at the open, but some analysts said last week’s record-setting advance means the market’s bull run is back.
S&P 500 futures ESM7, -0.21% shed 1.80 points, or 0.1%, to 2,412, putting the benchmark on track to catch its breath after rising for seven sessions in a row. The Dow Jones Industrial Average futures YMM7, -0.19% gave up 9 points, or less than 0.1%, to 21,057, while Nasdaq-100 futures NQM7, -0.16% dipped by 0.25 point to 5,792.
“We view the S&P 500’s breakout above 2,400 as confirmation that the bull market is resuming following a three-month internal correction,” said Ari Wald, technical analyst at Oppenheimer, in a note.
The stock benchmark had scored a record close on March 1, then it had struggled to move beyond that peak until last week.
U.S. markets were closed Monday for the Memorial Day holiday. On Friday, the S&P SPX, +0.03% and Nasdaq Composite inched higher to all-time closing highs and weekly gains of 1.4% and 2.1%, respectively, while the Dow DJIA, -0.01% edged down for the session, but still tacked on 1.3% for the week.
Other markets: Oil futures CLN7, -0.84% fell early Tuesday, extending their recent drop, and gold futures GCM7, -0.48% also lost ground. European markets SXXP, -0.37% were mostly edging lower, while Japanese stocks NIK, -0.02% finished slightly down, as Chinese exchanges were shuttered for a holiday. A key dollar index DXY, -0.15% was inching higher.
Economic news: April figures for personal income, consumer spending and core inflation are due to hit at 8:30 a.m. Eastern Time. Economists polled by MarketWatch expect 0.4% growth for the income reading, a 0.4% rise for the spending number and a 0.1% increase for the inflation metric.
Case-Shiller’s March report on home prices is on tap for 9 a.m. Eastern, and a May figure for a consumer confidence index is slated to arrive at 10 a.m. Eastern, with economists expecting a reading of 118.6.
And check out: MarketWatch’s Economic Calendar
Fed Gov. Lael Brainard is due to give a speech on economy and monetary policy to the New York Association for Business Economics at 1 p.m. Eastern.
Individual movers: U.S.-listed shares in Ryanair Holdings PLC RYAAY, +0.92% RY4C, +1.75% look set for gains in the wake of the Irish airline’s quarterly results. Europe’s largest carrier by passenger numbers gave profit figures that were largely in line, and a stock buyback announcement appeared to boost sentiment.