U.S. Stocks Pause Near Highs With GDP and Consumer Data Ahead

U.S. equity index futures are trading in a consolidation phase, with market participants focused on upcoming macroeconomic data, including third-quarter GDP figures that are expected to provide further insight into the resilience of U.S. economic growth.

Previous Session: Indexes Extend Gains

During the previous trading session, the S&P 500 and Nasdaq opened the week on a positive note. The S&P 500 pushed higher after breaking above a local downward trendline, moving closer to record highs near the 6,900 level.

The Nasdaq also strengthened after breaking out of a short-term descending channel, consolidating above the 25,400 area by the end of the session.

Today: Futures Trade Sideways Near Key Levels

On Tuesday, futures linked to the S&P 500 and Nasdaq are showing limited directional movement. S&P 500 futures remain below the 6,900 resistance level while continuing to trade within a medium-term ascending channel. Immediate support is seen near 6,800.

Nasdaq futures are holding above the upper boundary of the prior descending channel, trading near 25,670. The 25,400 level continues to act as key support.

Macro Data in Focus

Investor attention is firmly centered on a series of U.S. economic releases scheduled for today. The highlight will be the publication of U.S. GDP data for the third quarter, which is expected to shed light on the pace and sustainability of economic expansion.

Additional releases include the Conference Board consumer confidence index for December, weekly ADP employment data, and industrial production figures for November.

U.S. Treasury activity is also in focus, with the Treasury Department set to conduct an auction of 5-year notes.

Sector Performance

Cyclical sectors showed mostly positive performance in the previous session, with gains led by industrials and financials. Consumer discretionary and real estate sectors finished lower.

Growth-oriented sectors posted broad gains, led by clean energy, IPO-related stocks, and biotechnology, while the cannabis sector ended the session in negative territory.

Defensive sectors were mostly weaker, with consumer staples underperforming. Healthcare managed to finish the session modestly higher.

Cross-Asset Signals

In intermarket moves, oil prices returned to the boundaries of a rising channel that has been in place since October, stabilizing above the $57 level.

U.S. Treasury yields are hovering near the lower boundary of a short-term upward channel, remaining below 4.2%. The VIX volatility index slipped out of its local rising channel, declining toward the 14 level.

Gold prices continued to advance, breaking above the upper boundary of an ascending channel and reaching the 4,500 level for the first time.