Stocks point to flat open after record-setting session

U.S. stock index futures were little changed on Tuesday as investors digested sharp gains from the previous session that pushed equities to fresh record highs.

Around 7:10 a.m. ET, Dow Jones Industrial Average futures pointed to a loss of just 3 points at the open. S&P 500 and Nasdaq 100 futures also indicated a flat open.


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Tuesday’s muted moves come after the major averages all set record closing highs amid optimism around the U.S.-China trade talks.

China’s ministry of commerce said Monday that the leaders of China and the U.S. spoke over the phone.

“Both sides discussed resolving core issues of common concern, reached consensus on how to resolve related problems (and) agreed to stay in contact over remaining issues for a phase one agreement,” the Chinese-language statement said, according to a CNBC translation.

It is yet unclear if both sides will be reaching a compromise before Dec. 15, when new U.S. tariffs on Chinese goods are set to kick in.

“Both China and the US have a clear interest in getting a phase-one trade deal completed relatively soon to calm financial markets and reduce the drag on their economies from the uncertainty attributable to the trade war,” Ed Yardeni, president and chief investment strategist at Yardeni Research, wrote in a note. “If there is no deal, stock prices could crater. However, Trump views the [Dow] as his most important poll.”

On the data front, advanced economic indicators for October, the October international trade deficit, and the Philadelphia Fed non-manufacturing index for November will be released at 8:30 a.m. ET.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) for September, new home sales for October and consumer confidence figures for November will follow slightly later in the session.

The latest monthly Richmond Fed survey and Dallas Fed services data will be published at around 10 a.m. ET.

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