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Investing.com – U.S. stocks are set to open largely unchanged Tuesday, after Monday’s strong gains, as investors warily await the first U.S. presidential debate and look for progress of a fiscal stimulus package in Washington.
At 7:05 AM ET (1105 GMT), S&P 500 Futures were largely flat, the Dow Futures contract was also flat, while Nasdaq 100 Futures dropped 7 points, or 0.1%.
The major U.S. cash indexes closed firmly higher Monday, with all three benchmarks ending up over 1.5%. However, they are still on track to snap a five-month win streak after sellers dominated through most of September.
Investors are awaiting the first debate between President Donald Trump and Democratic presidential nominee Joe Biden later Tuesday, with the election just over a month away. The two are expected to face questions about everything from healthcare policy in the time of Covid to national security and immigration.
“Tonight’s debate will be critical, since it represents one of the last set-piece opportunities for either candidate to change the contours of the race,” Deutsche Bank (DE:DBKGn) analysts wrote in a note.
Also of interest will be the prospect of further U.S. stimulus after House Democrats unveiled a slimmer $2.2 trillion coronavirus relief bill, in what seems a last-ditch attempt at a compromise in order to create a new coronavirus relief package.
This comes as the global death toll from Covid-19 rose past one million on Tuesday, according to data from Johns Hopkins University.
Americans should expect Covid-19 cases to rise “in the days ahead”, Vice President Mike Pence said Monday, with increased testing showing worrying trends in some Midwest states. Earlier in the day, Dr. Anthony Fauci, the nation’s leading infectious diseases expert, said the U.S. is “not in a good place.”
On the data slate, September consumer confidence data from the Conference Board are expected out at 10:00 AM ET (1400 GMT). Analysts polled by Investing.com expect the number at 89.2, which would be up from 84.8 the prior month.
In addition, the Case-Shiller home price index for July, which comes out an hour earlier, is expected to come in at 0.3%, up from flat the prior month.
In corporate news, chipmaker Micron (NASDAQ:MU) and cruise operator Carnival (NYSE:CUK) are both due to release quarterly updates after the bell.
Oil prices sold off Tuesday on concerns about the impact on demand from rising coronavirus cases, and the market will be looking for guidance from inventory data due later Tuesday from the American Petroleum Institute and the Energy Information Administration on Wednesday.
U.S. crude futures traded 0.6% lower at $40.34 a barrel, while the international benchmark Brent contract fell 0.6% to $42.63.
Elsewhere, gold futures rose 0.6% to $1,892.85/oz, while EUR/USD traded 0.4% higher at $1.1707.
