US pre-open: Futures mostly flat, tech stocks boost Nasdaq

Wall Street futures were little changed ahead of the bell amid ongoing concerns regarding the economy and inflation.

As of 1220 BST, Dow Jones futures were up 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.11% and 0.28% firmer, respectively.

The Dow closed 250.19 points lower on Monday amid surging energy prices.

Prior to the open, tech stocks like Tesla, Alphabet, Netflix, Nvidia and AMD were all trading higher, helping the Nasdaq Composite claim some early gains.

However, movements across the broader market were limited as market participants await the beginning of third-quarter earnings season tomorrow - with the likes of JP Morgan Chase and other major US banks all prepped to release their latest quarterly figures throughout the course of the week.

AvaTrade's Naeem Aslam said: "Investors are finding it difficult to dismiss concerns that inflation will likely last longer than expected, sparking fears of stagflation. The main drivers of rising consumer prices are supply chain constraints caused by the coronavirus pandemic, as well as an impending power crisis, both of which are expected to have a negative impact on economic recovery and corporate earnings.

"However, investors should keep in mind that the third-quarter earnings season is about to begin and will most likely continue to be a key factor in market sentiment in the coming weeks."

On the macro front, JOLTs job openings numbers for August will be published at 1500 BST, while Fed heads Richard Clarida and Raphael Bostic will speak at 1615 BST and 1730 BST, respectively.

No major corporate earnings were slated for release on Tuesday.