Dow set to catch its breath after racking up 320-point rally

U.S. stock futures pointed to a muted open Tuesday, setting the Dow up for a breather after its 320-point rally pinned on strong economic data that offset trade-related fears.

What are the main benchmarks doing?

Dow Jones Industrial Average futures
YMU8, +0.25%
edged up by 31 points, or 0.1%, to 24,805, while S&P 500 futures
ESU8, +0.16%
added 2.35 points, or 0.1%, to 2,789.75. Nasdaq-100 futures
NQU8, +0.31%
tacked on 10.75 points, or 0.2%, to 7,311.

On Monday, the Dow
DJIA, +1.31%
closed higher by 320.11 points, or 1.3%, as the S&P 500
SPX, +0.88%
and Nasdaq Composite
COMP, +0.88%
each added 0.9%.

The blue-chip gauge turned positive for the year on Monday, flipping to a 0.2% gain, while the S&P and tech-laden Nasdaq have advanced 4.1% and 12%, respectively, as of Mondays close.

Whats driving markets?

Investors are bracing for a round of quarterly earnings reports that are expected to show off Corporate Americas health. PepsiCo Inc.s
PEP, -1.64%
results are on tap before the open Tuesday, and a trio of giant banks J.P. Morgan Chase & Co.
JPM, +3.09%
, Citigroup Inc.
C, +2.68%
and Wells Fargo & Co.
WFC, +1.57%
are due to reveal their performance Friday.

Meanwhile, recent economics reports have been seen as underlining the strength of the American economy at a time when many investors are concerned about worsening relations between the U.S. and its major trading partners.

What are strategists saying?

With the prospect of a positive earnings season ahead of us, investors seem to have forgotten the threat of further trade tensions, said Konstantinos Anthis, head of research at ADS Securities, in a note Tuesday.

Which stocks are in focus?

Twenty-First Century Fox Inc.
FOX, +1.34%
is preparing to counter Comcast Corp.s
CMCSA, -0.06%
latest offer for Sky PLC
SKY, +1.97%
with a new, higher bid, according to a Financial Times report.

Which economic reports are on tap?

A June report on U.S. small-business confidence is slated to hit at 6 a.m. Eastern Time. At 10 a.m. Eastern, a May reading on job openings is scheduled for release.

Check out: MarketWatchs Economic Calendar

On the Federal Reserve front, no Fed officials are expected to give speeches on Tuesday.

What are other markets doing?

European stocks
SXXP, +0.23%
traded mostly higher, while Asian markets largely closed with gains.

Gold futures
GCQ8, -0.48%
were falling, U.S. oil futures
CLQ8, +0.60%
were climbing, and the ICE U.S. Dollar Index
DXY, +0.23%
was roughly flat.

Victor Reklaitis

Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek.

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Quote References YMU8 +62.00 +0.25% ESU8 +4.50 +0.16% NQU8 +22.75 +0.31% DJIA +320.11 +1.31% SPX +24.35 +0.88% COMP +67.81 +0.88% PEP -1.80 -1.64% JPM +3.22 +3.09% C +1.80 +2.68% WFC +0.88 +1.57% FOX +0.65 +1.34% CMCSA -0.02 -0.06% SKY +29.00 +1.97% SXXP +0.88 +0.23% GCQ8 -6.00 -0.48% CLQ8 +0.44 +0.60% DXY +0.22 +0.23% Show all references
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E-Mini Dow Sep 2018 U.S.: CBOT: YMU8 $24,836.00 +62.00 (+0.25%)

Volume 19899
Open $24,780
High $24,888
Low $24,768
P/E Ratio 0
Div Yield 0
Market Cap N/A

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