By Oliver Gray
Investing.com - U.S. stock futures were trading slightly higher in early APAC deals on Tuesday, after major benchmark indices fell during regular trade as market participants remained concerned about the prospects of economic growth ahead of the potential tightening of monetary policy from Federal Reserve policymakers later in the week.
During Monday's regular trade, the Dow Jones Industrial Average traded 320.04 points or 0.89% lower to 35,650.96, The S&P 500 fell 43.03 points or 0.91% to 4,668.97 while Nasdaq Composite fell nearly 217.32 points or 1.4% to 15,413.28.
Dow Jones 30 Futures added 0.1%, S&P 500 Futures were up 0.09% and Nasdaq 100 Futures lifted 0.07%.
Among stocks, Major airline companies and cruise line operators declined amid fears that the omicron variant could slow travel. American Airlines Group (NASDAQ:AAL) fell 4.94%, Delta Air Lines (NYSE:DAL) dropped 3.43%, United Airlines lost 5.24% and Boeing Co (NYSE:BA) dipped 3.74%. Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) lost 4.41%, Expedia Inc (NASDAQ:EXPE) fell 3.56% and Carnival Corporation (NYSE:CCL) closed 4.88% lower.
Energy stocks fell, with Exxon Mobil Corp (NYSE:XOM) down 2.19%, Chevron Corp (NYSE:CVX) falling 2.08% and ConocoPhillips (NYSE:COP) down 3.36%.
Vaccine makers were also positive, with Moderna Inc (NASDAQ:MRNA) rising 5.81% after the White House’s top infectious disease expert Dr. Anthony Fauci called Covid booster shots “optimal care,” but said the definition of fully vaccinated would not change. Pfizer Inc (NYSE:PFE) added 4.59% after announcing a deal to acquire Arena Pharmaceuticals Inc (NASDAQ:ARNA).
On the bond markets United States 10-Year was at 1.414%.
In policy news, the Federal Reserve is set to kick off its two-day meeting on Tuesday, with investors be watching closely for clues as to whether the Federal Reserve plans to accelerate the end of its bond-buying program. The central bank will release a statement on Wednesday with quarterly projections for the economy, inflation and interest rates. Chairman Jerome Powell will also hold a press conference.
Among data, November’s Producer Price Index is due later in the session, with market expectations of a 0.5% gain for the month, while monthly Retail Sales will also be closely monitored.