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US Stocks Set For A Lower Start As Sentiment Sours Ahead Of Powell's Speech, JOLTS Data, And Tesla Q2 Data: 'There's Still An Upward Tilt To The Equity Market,' Says Analyst

Wall Street is priming for a moderately lower opening on Tuesday after soft data helped the tech-heavy Nasdaq Composite close at another record high in the first trading session of the year’s second half. The market is currently at the mercy of two catalysts – interest rate and earnings outlook, LPL Chief Investment Officer John Lynch. Therefore, traders may focus on each incoming evidence to make sense of its implication for rates. In Tuesday’s session, the spotlight is likely to be on bond yields, the results of the JOLTS report and monthly sales from automakers, including Tesla, Inc. (NASDAQ:TSLA). Federal Reserve Chairman Jerome Powell’s speech could be another closely-watched catalyst. Futures Performance (+/-) Nasdaq 100 -0.50% S&P 500 -0.41% Dow -0.32% R2K 0.41% In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved down 0.41% to $479.95 and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.42% to $479.89, according to Benzinga Pro data.Cues From Last Session: The Institute for Supply Management’s manufacturing purchasing managers’ survey report for June came in weaker than expected, with many readings from the report vouching for a slowdown in growth and easing inflationary pressure. The positive sentiment generated by the weak data was offset to some extent by a surge in bond yields. After some volatility in ...