U.S. index futures edged higher in premarket trading on Tuesday, recovering from pressure on tech stocks that impacted the S&P 500 and Nasdaq Composite the previous day. The Dow Jones, after closing at a new record high on Monday, continues to attract attention. Investors eagerly await Nvidia’s earnings this week, which are crucial for the performance of the tech and AI sectors, while expectations of imminent rate cuts by the Federal Reserve bolster market optimism.

As of 4:48 AM ET, Dow Jones futures (DOWI:DJI) rose 39 points or 0.09%. S&P 500 futures gained 0.13%, and Nasdaq-100 futures advanced 0.22%. The 10-year Treasury yield stood at 3.835%.

The U.S. economic agenda includes the release of the S&P Case-Shiller home price index for 20 cities at 9:00 AM ET, covering June, with a previous value of 6.8%. At 10:00 AM, the consumer confidence index for August will be released, with a median forecast of 100.5, compared to the prior 100.3.

In the commodities market, oil prices retreated after rising more than 7% over the previous three sessions. This increase was driven by supply concerns due to Middle East tensions and potential shutdowns in Libya. Although prices have recently risen, the current pause reflects a wait for further developments, such as the Libyan production halt and geopolitical risks.

West Texas Intermediate crude for October fell 0.61% to $76.95 per barrel, while Brent for October declined 0.43% to $81.08 per barrel.

Gold prices (PM:XAUUSD) decreased 0.20%, to $2,510.885 per ounce, below the record $2,531.60 reached on August 20.

Asia-Pacific markets closed mixed on Tuesday. Japan’s Nikkei 225 and Topix rose 0.47% and 0.73%, respectively. South Korea’s Kospi fell 0.32%, and the Kosdaq lost 0.24%. In Australia, the S&P/ASX 200 dropped 0.16% after attempting to reach an all-time high. Mainland China’s CSI 300 closed down 0.57%. In Hong Kong, the Hang Seng rose 0.4% in the final hour of trading.

In July, China’s industrial profits grew by 4.1% year-on-year, following a 3.6% increase in June, driven by high technology despite weak domestic demand. From January to July, profits increased by 3.6%. The recovery faces challenges, with domestic demand and the external environment still uncertain.

Stephen Jen of Eurizon SLJ Capital predicts that Chinese companies could sell up to $1 trillion in dollar-denominated assets if the Fed cuts interest rates. This could boost the yuan by up to 10%. The yuan, currently at 7.12 per dollar, could rise further if the People’s Bank of China does not intervene.

Colin Huang, former CEO of PDD Holdings (NASDAQ:PDD), lost his position as China’s richest person after a 29% drop in the company’s stock, resulting in a $14.1 billion loss in one day. Huang, now China’s fourth billionaire with $35.2 billion, saw his fortune sharply decrease due to disappointing financial results and intensified competition in the sector.

The Bank of Japan will conduct surveys on wage growth and economic outlooks between September and June, involving about 1,500 companies. Wage data may be included in the tankan survey in the future. The change follows interest rate hikes aimed at achieving the 2% inflation target with solid wage growth.

European markets are trading higher, with a positive focus on the mining sector, while retail and technology are underperforming. British markets reopened after a bank holiday, and Hungary’s central bank is expected to announce its interest rate decision.

In Germany, the economy contracted by 0.1% in the second quarter. Capital investment fell 2.2%, and private consumption decreased by 0.2%. Government spending rose by 1%. Despite a strong start to the year, the industrial sector faces challenges with weak external demand and high borrowing costs. The Ifo survey revealed a continued decline in business expectations, while the Bundesbank projects modest growth in the third quarter.

Prices in British stores fell 0.3% in August compared to the previous year, marking the first annual drop since October 2021. The British Retail Consortium survey shows a 1.5% drop in non-food prices, the biggest decline in three years, while food prices rose 2.0%, slowing from July. The Bank of England projects CPI inflation to be around 2.75% by year-end, before hitting the 2% target in 2026.

On Monday, the major U.S. indices had mixed performance, with the Dow Jones rising 0.16% to 41,240.52 points, driven by gains from 3M Co. (NYSE:MMM), Coca-Cola (NYSE:KO), and Walt Disney (NYSE:DIS). The Nasdaq, however, fell 0.85% due to weakness in semiconductor stocks, including Nvidia (NASDAQ:NVDA), which dropped 2.3%. Crude oil prices increased, boosting energy stocks. Durable goods orders surged 9.9% in July after a 6.9% decline in June, with transportation equipment soaring 34.8%. Excluding transportation, orders fell 0.2%.

Ahead of the market open, Scotiabank  (NYSE:BNS), Allot  (NASDAQ:ALLT), BMO  (NYSE:BMO), ScanSource  (NASDAQ:SCSC), REX American Resources Corporation  (NYSE:REX), Hain Celestial  (NASDAQ:HAIN), Cadeler  (NYSE:CDLR), CNFinance  (NYSE:CNF), among others, will report earnings.

After the close, SentinelOne  (NYSE:S), PVH  (NYSE:PVH), Box Inc  (NYSE:BOX), nCino  (NASDAQ:NCNO), Ambarella  (NASDAQ:AMBA), Nordstrom  (NYSE:JWN), Semtech  (NASDAQ:SMTC), Ooma  (NYSE:OOMA), Joyy Inc  (NASDAQ:YY), VNET  (NASDAQ:VNET), and more are expected to release their numbers.