US stock futures are slightly higher ahead of the market open on Tuesday and after an ugly session yesterday.
Near 7:10 a.m. ET, Dow futures were up 68 points, S&P 500 futures were up 10 points, and Nasdaq futures were up 23 points — all less than 1%.
The Nasdaq closed down more than 3% on Monday, after biotech stocks got clobbered and the iShares Nasdaq Biotechnology index fell 6% for its worst one-day performance in four years. The S&P 500 closed down 2%.
Also yesterday, Goldman Sachs and RBC Capital cut their targets on the S&P 500 for the year.
“The impetus for these reductions is that our models now incorporate a slower pace of economic activity in the US and China and a lower oil price than we had been previously assuming,” Goldman’s David Kostin wrote in a client note. The firm cut its target to 2,000 from 2,100.
RBC Capital’s Jonathan Golub lowered his target to 2,100 from 2,325.
Economic data due today include the S&P/Case Shiller home price index at 9:00 a.m. ET, the Conference Board’s consumer confidence report at 10:00 a.m.
Weekly crude oil inventories from the American Petroleum Institute after the closing bell.
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