Stock futures slip following S&P's best day since June

Market looking at one of the most powerful recoveries ever seen: Expert

Federated Hermes CIO Stephen Auth and BMO Capital Markets chief strategist Brian Belski offer insight into stimulus efforts, inflation fears and retail earnings.

U.S. equity markets were set to open lower Tuesday, a day after posting their strongest gains in months.

Dow Jones Industrial Average futures were down 57 points, or 0.18%, while S&P 500 futures and Nasdaq Composite futures were weaker by 0.23% and 0.3%, respectively.

The early losses come a day after the S&P 500 booked its best day since June, fueled by optimism over the pace and strength of the U.S. economic recovery as Johnson & Johnson's COVID-19 vaccine became the third inoculation to receive regulatory approval.

Looking at stocks, GameStop Corp. and other highly shorted stocks remain in focus as Gary Gensler, President Biden’s pick to head the U.S. Securities and Exchange Commission, appears before the Senate Committee on Banking, Housing and Urban Affairs for his confirmation hearing.

Meanwhile, Target Corp. reported revenue rose 21% from a year ago as the pandemic continued to fuel a surge in demand for same-day services. The big-box retailer said its sales grew by more than $15 billion last year, more than the 11 previous years combined.

In other earnings news, Zoom shares were sharply higher after video-conferencing provider said sales soared 369% year over year as the pandemic caused more people to work from home.

Elsewhere, Square Inc. announced its commercial bank, Square Financial Services, has begun operations. The unit will offer business loans to Square’s retailers.

In commodities, West Texas Intermediate crude oil ticked up 26 cents to $60.90 per barrel and gold rallied $7.40 to $1,730.40 an ounce.

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Overseas, markets rallied across Europe with Britain’s FTSE 100 trading up 0.74% to pace the gains. Elsewhere, France’s CAC 40 gained 0.63% and Germany’s DAX 30 advanced 0.54%.

In Asia, Japan’s Nikkei 225 fell 0.86% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index both lost 1.21%.

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