US Stock Futures Steady as European Shares Rebound – Europe Market Wrap

US market futures hinted to more gains on Wall Street on Tuesday, following a rise in giant US tech companies that propelled the S&P 500 to another new high.

Contracts on the US benchmark remained unchanged, while those on the Nasdaq 100 nudged higher. Chipmakers Broadcom, Micron, and Qualcomm were among the biggest gainers in premarket trade as the S&P 500 reached an all-time high for the 30th time this year on Monday, overcoming concerns about tight breadth and higher-for-longer interest rates.

Optimism about a resilient economy and improved corporate profitability has boosted US shares by around 15% this year. Ahead of Wednesday’s holiday in the United States, traders looked to retail-sales data and a series of Federal Reserve speakers for fresh clues on when rate cuts may begin.

Treasuries held steady after sliding Monday after a rush of high-grade corporate bond sales totaling more than $21 billion.

The Stoxx Europe 600 benchmark rose somewhat despite ongoing concerns over France’s political upheaval. European equities have fallen after French President Emmanuel Macron declared a sudden parliamentary election following a defeat by Marine Le Pen’s National Rally in the European Parliament elections. The two-round election will end on July 7.