Stock futures wavered between slight gains and losses Tuesday morning as investors reacted to quarterly results from a slew of major companies.
Futures tied to the S&P 500 were up fractionally in recent trading, while those linked to the Dow Jones Industrial Average and Nasdaq each declined 0.1%. Stocks got off to a strong start this week, with the S&P 500 and tech-heavy Nasdaq Composite closing at fresh record highs on Monday to extend a rally that’s been fueled by optimism about generally strong corporate earnings and encouraging economic data, even as concerns linger about the potential impact of tariffs.
Several of the companies releasing results this morning were under pressure in premarket trading. Dow components Coca-Cola (KO) and Sherwin-Williams (SHW) were down 1% and 4%, respectively, while General Motors (GM) fell 3% and Philip Morris (PM) slid 5%. Defense contractors Lockheed Martin (LMT) and RTX Corp (RTX) dropped 8% and 1%, respectively, while shares of Northrop Grumman (NOC) added 3%.
Shares of the world’s largest tech companies were mostly higher ahead of the highly anticipated release of earnings reports from Tesla (TSLA) and Alphabet (GOOG), scheduled for tomorrow after the closing bell. Shares of the two companies rose slightly this morning, as did Nvidia (NVDA), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META). Microsoft (MSFT) and Broadcom (AVGO) edged lower.
Bitcoin was at $119,300, up from an overnight low of $116,600, not far from its all-time high of around $123,000. The digital currency has gotten a boost lately from investor optimism about the approval last week of landmark legislation that aims to bring cryptocurrencies more into the financial mainstream.
Gold futures were down 0.2% at $3,405 an ounce, after hitting their highest level in more than a month yesterday, while West Texas Intermediate futures, the U.S. crude oil benchmark, declined 1.1% to $66.50 per barrel.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of loans, notably mortgages, was holding steady this morning at 4.37%. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was also unchanged at 97.86.