By Victor Reklaitis, MarketWatch
Tesla's shares fall in premarket action after disappointing
update on Model 3 production
U.S. stock futures on Tuesday pointed to a small gain at the
open, setting the S&P 500 on course for its sixth up session in
a row and for another record close.
What stock benchmarks are doing
Futures for the S&P 500 rose by 1.95 points, or 0.1%, to
2,528.25, while those for the Dow Jones Industrial Average added 36
points, or 0.2%, to 22,543.00. Nasdaq-100 futures tacked on 7.50
points, or 0.1%, to 5,988.00.
On Monday, the S&P , Dow and Nasdaq Composite all achieved
all-time closing highs
(http://www.marketwatch.com/story/us-stock-futures-inch-higher-putting-the-sp-500-on-track-for-another-record-2017-10-02),
shaking off Sunday night's mass shooting in Las Vegas
(http://www.marketwatch.com/story/reports-of-dead-injured-after-mass-shooting-at-las-vegas-concert-2017-10-02).
The S&P has gained for five consecutive trading days, its
longest winning streak since a six-session advance that ended Sept.
1. The Dow has moved higher in four straight sessions, while the
tech-heavy Nasdaq has risen for five sessions in a row.
What strategists are saying
"U.S. markets have started the new week and quarter in the same
way they finished the previous one, posting new record highs," said
Michael Hewson, chief market analyst at CMC Markets UK.
"Yesterday's breakouts were also helped by a surprisingly strong
ISM manufacturing survey
(http://www.marketwatch.com/story/key-yardstick-of-us-manufacturers-touches-highest-level-since-2004-ism-finds-2017-10-02)
for September, which showed no signs of any impact from the
disruption caused by the recent hurricanes in the southeast of the
country," Hewson added in his note Tuesday.
Some strategists sound pessimistic following the S&P's
year-to-date gain of 13%, noting stocks could lose ground as the
Federal Reserve ends its accommodative monetary policies.
"The Fed has demonstrated a commitment to move forward with
policy normalization," said Joel Kruger, a strategist at LMAX
Exchange.
"This comes head-to-head with a U.S. equity market that has all
three major indices tracking well overbought on the monthly charts
and certainly screaming out that at a very minimum, additional
upside should be a very tough go from current levels, at least for
the foreseeable future," he said.
Stocks in focus
Shares in Tesla Inc.(TSLA) fell 1% in premarket. Late Monday,
news came that third-quarter production for the electric car
maker's Model 3 sedan was lower than anticipated, due to
manufacturing bottlenecks
(http://www.marketwatch.com/story/tesla-model-3-hit-by-production-bottleneck-that-slowed-initial-deliveries-2017-10-02).
Shares in MGM Resorts International(MGM) could see active
trading after falling 5.6% Monday
(http://www.marketwatch.com/story/mgm-resorts-stock-falls-5-premarket-after-mandalay-bay-shooting-2017-10-02)
in the wake of the mass shooting at the company's Mandalay Bay
property in Las Vegas.
See:Las Vegas shooter Paddock had 42 guns and a 'bump stock'
(http://www.marketwatch.com/story/las-vegas-shooter-paddock-had-42-guns-and-a-device-enabling-firing-at-an-automatic-rate-2017-10-03)
Gun-maker stocks such as Smith & Wesson parent American
Outdoor Brands Corp.(AOBC) and Sturm, Ruger & Co. Inc. (RGR)
also could see another active session after rallying Monday
(http://www.marketwatch.com/story/gun-maker-stocks-surge-after-mass-shooting-in-las-vegas-2017-10-02).
They often gain when traders think stricter regulations are coming,
as sales can get a lift ahead of any change.
Home builder Lennar Corp. (LEN) and payroll processor Paychex
Inc.(PAYX) are among the companies expected to post earnings before
the opening bell.
What could help drive the market?
September figures for U.S. auto sales are due to roll out
throughout the session, with economists polled by MarketWatch
expecting 17.3 million vehicles sold overall.
Shares in General Motors Co.(GM) , Ford Motor Co.(F) and Fiat
Chrysler Automobiles N.V.(FCA.MI) (FCA.MI) are likely to see active
trading as these numbers hit.
Ford also will be in focus as new CEO Jim Hackett is due to
provide an update on the company's progress
(http://www.marketwatch.com/story/new-ford-chief-says-ready-to-tinker-under-the-hood-2017-09-30)
at an investor meeting.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
Federal Reserve Gov. Jerome Powell is due to talk about U.S.
financial regulations at 8:30 a.m. Eastern Time in Washington,
D.C.
What other assets are doing
European stock markets
(http://www.marketwatch.com/story/european-stocks-pause-for-breath-after-8-day-winning-run-2017-10-03)
traded in tight ranges on Tuesday, taking a breather after an
eight-day winning streak. Asian equity markets largely closed
higher
(http://www.marketwatch.com/story/hang-seng-nikkei-lead-market-gains-in-asia-2017-10-02),
though some bourses remained closed for holidays.
Oil futures and gold futures were edging lower, as the ICE U.S.
Dollar Index gained.
(END) Dow Jones Newswires
October 03, 2017 06:35 ET (10:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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