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- Futures tracking the S&P 500 and Dow edged higher on Tuesday, ahead of quarterly results from Walt Disney, while expectations of the Federal Reserve's interest rate cuts this year helped support market sentiments.
Traders currently anticipate rate cuts of 45 basis points from the Fed by the end of 2024, according to LSEG's interest rate probabilities app, with the first pivot to a 25 bps rate cut priced in for September and another in December. Nvidia fell 1.6% in premarket trading after the Wall Street Journal reported that Apple was developing its own chip to run artificial intelligence software in data centers.Tesla fell 2.5% after data showed the U.S. automaker sold 62,167 China-made electric vehicles in April, down 18% from a year earlier.Of the nearly four-fifth of the S&P 500 companies that reported first-quarter results through Friday, 76.8% topped analysts' profit estimates, as per LSEG data.
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