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US stock futures edged higher on Tuesday as investors weighed Tim Cook’s exit as Apple (AAPL) CEO and debated the chances of an extension of the US-Iran truce.
Nasdaq 100 futures (NQ=F) led the gains, up roughly 0.4%, while those on the S&P 500 (ES=F) rose 0.2%. Contracts on the Dow Jones Industrial Average (YM=F) also put on 0.2%, on the heels of mild losses for Wall Street stocks.
Wall Street is digesting the changing of the guard at Apple, which will see Cook step down and hand over the CEO role to hardware engineering head John Ternus. The iPhone maker’s stock slipped 0.5% in premarket trading after the late Monday news.
Meanwhile, President Trump signaled that the US doesn’t plan to extend its temporary ceasefire with Iran, which is set to expire late Wednesday. Iran has also indicated it may not join a new round of peace talks, though oil prices slipped on talk that both sides are sending negotiators to Pakistan.
The wait is now on for the Senate confirmation hearing for Kevin Warsh on Tuesday morning. In prepared remarks, the Federal Reserve chair nominee indicated that the push-and-pull between Trump and the central bank may be coming to an end. Largely absent were any firm statements on the outlook for interest rates.
Retail sales data for March due later will shed light on the consumer and the economy as the Middle East hostilities took hold. On the earnings front, results from United Airlines (UAL) will be watched for the impact of war-stoked rising fuel costs.
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