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Wall Street Looks Jaded After Record Run As Traders Shift Focus To Retail Sales Data, Fed Speeches: 'FOMO Still Rules The Market For AI-Related Stocks,' Says Analyst

Tech optimism hasn’t worn out yet, with the Nasdaq futures pointing to a strong start for these stocks, while the Dow and S&P 500 futures were modestly lower. Sentiment going into the session will largely hinge on the retail sales report that is due ahead of the market open and a slew of speeches by Federal Reserve officials. Traders may also keep an eye on the Congressional Budget Office’s updated fiscal-year budge. Analysts are confident of the upward momentum carrying the market through the year, premising their optimism on the likelihood of Fed rate cuts amid easing inflation and the artificial intelligence-driven rally accelerating. The main risk the market faces now is the concentration of the market rally. Fund Manager Louis Navellier allayed the concern and said market breadth will likely return. “With interest rates likely to eventually fall, and perhaps geopolitical easing as well, hopefully the rest of the market can start to perform better and improve the breadth of returns,” he said. Futures Performance (+/-) Nasdaq 100 +0.20% S&P 500 -0.01% Dow -0.03% R2K -0.28% In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was little changed at $547.08, while the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.18% at $485.95, according to Benzinga Pro data.Cues From Last Session: Technology stocks spearheaded the market’s rally on Monday, as the Nasdaq Composite and the S&P 500 indices notched up fresh record closing and intraday highs. The Dow Jones Industrial Average snapped a three-session losing streak and ended moderately higher for the session. Stocks started on a mixed note but sentiment became uniformly positive as traders digested the optimistic forecasts issued by market strategists. They launched into a steadily rally over the course of the session before ending firmly in the green. A majority of S&P 500 sectors advanced, with the exception of the defensive utility, real estate and healthcare stocks. IT, consumer discretionary and ...