U.S. Stocks May Continue To Experience Choppy Trading

After ending yesterday’s volatile session little changed, stocks may continue to show a lack of direction in early trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures down by just 0.1 percent.

Traders may remain reluctant to make significant moves as they look ahead to the release of key earnings and economic news in the coming days.

Four of the “Magnificent Seven” companies – Amazon (AMZN), Apple (AAPL), Meta Platforms (META) and Microsoft (MSFT) – are among the companies due to report their quarterly results this week.

Big-name companies like Visa (V), Eli Lilly (LLY), Chevron (CVX) and Exxon Mobil (XOM) are also due to report their quarterly results.

The Labor Department’s monthly jobs report is also likely to be in focus later this week along with the Federal Reserve’s preferred readings on consumer price inflation.

On the trade front, President Donald Trump reportedly plans to reduce tariffs on auto parts for cars made in America following intense lobbying by industrial leaders.

Shortly after the start of trading, the Conference Board is due to release its report on consumer confidence in the month of April. The consumer confidence index is expected to fall to 87.5 in April after tumbling to 92.9 in March.

Stocks fluctuated over the course of the trading day on Monday, extending the volatility seen during last Friday’s session.

After showing a lack of direction early in the session, stocks came under pressure in late morning and early afternoon trading before rebounding going into the end of the day.

The major averages eventually ended the day narrowly mixed. While the Nasdaq edged down 16.81 points or 0.1 percent to 17,366.13, the S&P 500 inched up 3.54 points or 0.1 percent to 5,528.75 and the Dow rose 114.09 points or 0.3 percent to 40,227.59.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance, with the Japanese markets closed for a holiday. China’s Shanghai Composite Index edged down by 0.1 percent, while Hong Kong’s Hang Seng Index crept up by 0.2 percent.

The major European markets have also turned mixed on the day. While the French CAC 40 Index is down by 0.2 percent, the U.K.’s FTSE 100 Index is up by 0.3 percent and the German DAX Index is up by 0.6 percent.

In commodities trading, crude oil futures are tumbling $1.03 to $61.02 a barrel after slumping $0.97 to $62.05 a barrel on Monday. Meanwhile, after surging $49.30 to $3,347.70 an ounce in the previous session, gold futures are sliding $29 to $3,318.70 an ounce.

On the currency front, the U.S. dollar is trading at 142.51 yen compared to the 142.01 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1386 compared to yesterday’s $1.1420.