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US futures are mixed; Nasdaq drops as Powell re-inauguration

US stocks are set to open mixed on Tuesday, with Nasdaq underperforming as investors consider the nomination of Jerome Powell for a second term as head of the Federal Reserve.

At 7 a.m. ET (1200 GMT), Dow futures were up 20 points, or 0.1%, S&P 500 futures were flat and Nasdaq 100 futures were down 30 points, or 0.2%.

On Monday, President Joe Biden ended months of speculation about running the Federal Reserve, re-appointed Mr. Powell as chairman and promoted Fed Governor Lael Brainard to vice chairman.

Although stocks initially rallied on the news, the overall market fell in the last minutes of trading as bond yields rose. Mr. Powell's appointment, which must be confirmed in the Senate, has been seen as leading to a faster normalization of monetary policy than would have been the case if Ms. Brainard had taken office.

The Dow Jones closed just 17 points higher on Monday, but the S&P 500, and the Nasdaq Composite in particular, fell as growth stocks responded to rising bond yields.

Zoom Video Communications (NASDAQ:ZM) will be in focus after it added fewer large-than-expected customers for the second straight quarter.

Shares of Urban Outfitters (NASDAQ:URBN) fell sharply after the retailer warned of possible inventory issues during the busy holiday quarter. Its guidance for sales growth of around 16% has failed to impress.

Additionally, there are quarterly earnings reports to research from American Eagle (NYSE: AEO), Best Buy (NYSE: BBY) and Abercrombie & Fitch (NYSE: ANF) before the market open, and Dell Technologies ( NYSE: DELL), Gap (NYSE: GPS), HP (NYSE: HPQ) and Nordstrom (NYSE: JWN) will report after the market closes.

The economic data centers around the PMI figures for November, which are expected to show some improvement, especially after eurozone economic growth unexpectedly accelerated in the face of restrictions. due to new Covid.

Crude oil prices fell on Tuesday as the United States confirmed it would release 50 million barrels of oil from strategic reserves in an attempt to cool prices.

The American Petroleum Institute releases its weekly estimate of US oil inventories later in the session. Its data showed crude stockpiles rose by 655,000 barrels for the week ended November 9, compared with a 2.5 million-barrel decline the previous week.

Before 7 a.m. ET, U.S. crude futures were down 1.2% at $75.81 a barrel, while Brent futures were down 0.8% at $79.09.

Additionally, gold futures fell 0.7% to $1,793.95 an ounce, while EUR/USD traded 0.2% higher at 1.1254.

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