Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2024 in New York City.Â
Spencer Platt | Getty Images
U.S. stock futures were higher Tuesday morning, as investors tried to resume the rally that took equities to record highs after a decline in the previous session.
Dow Jones Industrial Average futures climbed 58 points, or 0.2%. Futures tied to the S&P 500 and Nasdaq-100 added 0.2% and 0.3%, respectively.
The three major averages ended Monday lower. The 30-stock Dow dipped 0.4%, while the S&P 500 and Nasdaq Composite fell around 0.3% each. The pullbacks come on the back of last week’s strong gains, during which the indexes reached new all-time closing high levels.
Month to date, the major U.S. stock benchmarks are on pace for their fifth straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.
Despite some concerns that the market rally has crossed into overbought territory, investors still can’t be underweight on equities as of now, according to 3Fourteen Research co-founder Warren Pies.
“There are a lot of people who are underweight or under-exposed to this market, and they’re going to scramble to get exposed,” Pies told CNBC’s “Closing Bell: Overtime” on Monday. “I think the combination of a soft landing, a Fed that has your back and under-invested strategists and institutions means that this rally can keep going.”Â
Economic data released Tuesday morning showed that orders for long-lasting goods in the U.S. rose by 1.4% in February, exceeding the 0.8% consensus from economists, according to StreetAccount.
Source Agencies
