The major U.S. index futures are pointing to a mixed opening on Tuesday, with the Dow futures up by 99 points and the Nasdaq futures down by 2.50 points.
Following the mixed performance seen last week, stocks showed a lack of direction over the course of the trading session on Monday. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages ended the day mixed. While the Nasdaq climbed 23.05 or 0.4 percent to a new record closing high of 6,410.81, the Dow fell 66.90 points or 0.3 percent to 21,513.17 and the S&P 500 edged down 2.63 points or 0.1 percent to 2,469.91.
The choppy trading on Wall Street came as traders seemed reluctant to make any significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement.
On the economic front, the National Association of Realtors released a report showing a bigger than expected drop in existing home sales in the month of June.
NAR said existing home sales slumped by 1.8 percent to an annual rate of 5.52 million in June from 5.62 million in May. Economists had expected existing home sales to drop by 1.0 percent.
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Gold stocks showed a significant move to the downside, however, with the NYSE Arca Gold Bugs Index slumping by 2.4 percent. The weakness in the gold sector came amid a modest decrease by the price of the precious metal.
Tobacco and airline stocks also saw considerable weakness, while significant strength was visible among biotechnology stocks.
Commodity, Currency Markets
Crude oil futures are jumping $0.82 to $47.16 a barrel after climbing $0.57 to $46.34 a barrel on Monday. Meanwhile, after dipping $0.60 to $1,254.30 an ounce in the previous session, gold futures are falling $1.40 to $1,252.90 an…