Premarket: Apple is green

From the Wall Street Journal’s "Stock Futures Rise Ahead of Retail Data, Powell Talk" posted early Tuesday:

U.S. stock futures rose, rebounding from a choppy session Monday, as investors grappled with concerns about the economic outlook amid high inflation...

U.S. stocks have swung dramatically lately as investors have tried to assess the path for markets amid wide-ranging economic, geopolitical and Covid-19 concerns. Weighing most heavily on many investors’ minds is the outlook for the U.S. economy as the Federal Reserve raises interest rates. On Monday, data from the Federal Reserve Bank of New York raised concerns after it showed that factory activity in the state declined in May, with shipments falling at the fastest pace since early in the pandemic.

On Tuesday, investors will get another look at the economy when retail sales are reported. They will also hear from Fed Chairman Jerome Powell at The Wall Street Journal’s Future of Everything Festival. Market watchers are also continuing to assess the effects of the war in Ukraine, as well the outlook for China’s economy as lockdowns drag on.

The reopening of some stores in Shanghai this week and a decline in Covid-19 cases in China has provided some sources of optimism. Still, many are expecting more choppiness ahead. The Nasdaq Composite, for example, has swung 1% or more in either direction in all but two of May’s 11 sessions.

On Tuesday, gains across the market were broad-based in the premarket session in New York, though technology stocks emerged as early winners. Nvidia, PayPal and Apple each climbed 1.9% or more.

Charts: Yahoo!Finance sees a bearish price-crosses-moving-average pattern. Max pain stays at $160 with a call mountain at $170.

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