Dow Futures Dip, Nasdaq Aims Higher As Google Stock Pops On Antitrust Win - Strategist Flags Weak September Setup

An antitrust ruling seen as a best-case scenario for Alphabet (GOOGL) (GOOG) and, in turn, Apple (AAPL) has sent S & P 500 and Nasdaq 100 futures higher late Tuesday, but Dow futures traded modestly lower.

That said, the underlying mood remains cautious. Fund manager Louis Navellier warned of a potential September setback, as the month has been the toughest for gains. This year, profit taking could add pressure, given that the major averages trade close to record highs, he said.

As of 11:20 p.m. ET on Tuesday, the Nasdaq 100 and S & P 500 futures rose 0.25% and 0.10%, respectively, while the Dow futures moved down 0.24%. The Russell 2000 futures were down a steeper 0.52%.

On Tuesday, stocks languished below the unchanged line throughout the session as traders mulled the U.S. appeals court's ruling on Trump tariffs, which sent bond yields higher. Traders also remain cautious ahead of the week's key economic data. The major indices, however, closed off their lows even as they started September on the back foot.

Most S & P 500 sectors, except the defensive consumer staples and oil stocks, ended lower for the day, with consumer discretionary, industrial, IT and real estate stocks leading the declines.

The SPDR S & P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S & P 500 Index, fell 0.74%, and the Invesco QQQ Trust (QQQ) declined a steeper 0.84. Meanwhile, the SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) slid 0.54% each.

Among the economic catalysts for Wednesday's session would be the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) results for July (10 a.m. ET) and the Federal Reserve's Beige Book report, which is released about two weeks before an upcoming rate-setting meeting.

The report includes anecdotal evidence regarding the economic conditions in the 12 Federal Reserve districts.

Also in the spotlight are a couple of Fed speeches, including those from St. Louis Fed President Alberto Musalem (9 a.m. ET) and Minneapolis Fed President Neel Kashkari (1:30 p.m. ET).

The Commerce Department is scheduled to release its report on factory goods orders at 10 a.m. ET.

Campbell Soup (CPB), Dollar Tree (DLTR), Macy's (M), American Eagle (AEO), Asana (ASAN), C3, Inc. (AI), GitLab (GTLB), Hewlett-Packard Enterprises, Inc. (HPE), Pager Duty (PD) and Salesforce (CRM) are due to report their earnings on Wednesday.

The oil rally hit a pause as the West Texas Intermediate (WTI) crude oil edged down in overnight trading after rising past the $66 barrel mark on Tuesday. Gold futures pushed to new highs past the $3,600 mark.

The 10-year U.S. Treasury note yield edged up in overnight trading. In the currency market, the U.S. dollar held modestly firmer against most major counterparts.

Most major Asian markets traded lower on Wednesday morning, weighed down by the negative sentiment that engulfed Wall Street overnight. The Indonesian and Taiwanese markets, however, bucked the downtrend.

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