U.S. Stocks Likely To Open On Cautious Note

(RTTNews) - U.S. stocks look headed for a cautious start on Tuesday, as investors await some crucial geopolitical news for directional clues. Easing concerns about inflation following another sharp drop in oil prices could aid sentiment.

Futures indicate a mixed start. The Dow futures are up 0.37%, the S&P futures are up by about 0.05%, and the Nasdaq futures are down 0.06%.

Tech stocks may see some profit taking after having moved up sharply in the previous session on optimism surrounding AI.

Trump's speech at the U.N. General Assembly this morning is in focus. Investors also look ahead to a potential meeting between Trump and Iranian President Masoud Pezeshkian in New York.

Trump said that very big things could happen soon and he is in a "deciding mode" on military action, continued economic pressure or a deal.

U.S. stocks moved higher on Monday, supported by lower Treasury yields and easing concerns about inflation due to a sharp drop in oil prices.

The Dow climbed 366.19 points or 0.71% to finish at 52,048.83, while the Nasdaq soared 599.55 points or 2.26% to close at a record high of 27,122.09 and the S&P 500 gained 114.20 points or 1.49% to end at 7,764.70.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.18 or 2.28% at 93.60 a barrel. Brent crude futures dropped to a low of $97.50 a barrel before recovering to $98.54, still down nearly 1.8% from previous close.

Gold futures are down $29.60 or 0.68% at $4,354.30 an ounce.

In the currency market, the dollar index is trading at 100.43, little changed from previous close. Against the Euro, the dollar is trading at 1.1461. The yen is at 157.21 against a unit of greenback, while the Pound Sterling is trading at $1.3355.

Asian stocks closed higher on Tuesday, tracking Wall Street's overnight gains. Falling oil prices and softening U.S. Treasury yields aidied sentiment.

European stocks are turning in a mixed performance on Tuesday with investors focusing on geopolitical news. Trump's speech at the U.N. General Assembly later today is eyed. The focus is also on a potential meeting between Trump and Iranian President Masoud Pezeshkian in New York.

In U.S. economic news, the Richmond Fed Manufacturing Index reading is due this morning. Preliminary PMI readings on U.S. manufacturing and services sector activity for the month of September are due on Wednesday.

Data on initial jobless claims and continuing claims, as well as a report on new home sales, are due on Thursday. On Friday, data on durables goods orders for the month of August, and consumer confidence index score from the University of Michigan will be out.