Dow Jones futures fell 150 points on Tuesday morning ahead of the release of key housing data. The decline in futures came amidst an analyst upgrade for DraftKings, which saw its stock rise by 3%. The housing data includes the Case-Shiller Home Price Index, the FHFA House Price Index, and new home sales from the Commerce Department. The Case-Shiller index was expected to rise by 0.6% in July compared to June, while new-home sales were expected to slow down in August. Additionally, consumer confidence data is also set to be released.
In other news, JPMorgan upgraded DraftKings stock from neutral to overweight, leading to a 3% rally in the company’s shares. On the other hand, Dow Jones tech giants Apple and Microsoft saw their stock prices drop ahead of the stock market open. As for earnings reports, Cintas and Thor Industries were among the companies reporting their quarterly results. THO stock declined after the recreational vehicle maker beat expectations, but offered a lukewarm outlook.
The overall market showed a decline in futures, with Dow Jones futures falling 0.5%, S&P 500 futures losing 0.55%, and Nasdaq 100 futures dropping 0.6%. This comes as the 10-year U.S. Treasury yield retreated slightly from its long-term highs and oil prices dropped by 1%. Despite the decline in futures, the Dow Jones Industrial Average managed to inch higher on Monday, snapping a four-day losing streak. The S&P 500 and Nasdaq composite also saw gains. However, there is no clear indication of a new rally attempt in the stock market, and investors are advised to read IBD’s The Big Picture column for guidance on how to handle the ongoing market weakness.
