US stock futures stalled on Tuesday after notching fresh all-time highs, as Wall Street looked to the next wave of corporate earnings for catalysts and insight into the impact of President Trump’s tariffs.
S&P 500 futures (ES=F) slipped 0.1%, while those on the tech-heavy Nasdaq 100 (NQ=F) fell 0.3% as a rally in growth stocks lost some steam ahead of the first Big Tech quarterly results. Meanwhile, Dow Jones Industrial Average futures (YM=F) clung to the flatline.
The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) eked out fresh record closes on Monday, in another sign of market resilience in the face of tariff uncertainty. Earnings season has been largely upbeat as it gets into gear, buoying stocks and sentiment — though the market is weighing how far the recent rally can run.
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Given that, Wall Street is keenly waiting for second-quarter results from “Magnificent Seven” members Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday. As the valuation of large-cap tech stocks soars, investors are hoping for reassurance that the hype around AI is more than just buzz.
Coca-Cola (KO) and General Motors (GM) are the highlights in Tuesday’s wave of quarterly reports. Investors will listen out for comments on tariff-related hits to their outlooks in the blue-chip results.
The watch is on for signs of progress in trade talks as the clock ticks down to President Trump’s Aug. 1 deadline to strike a deal or face higher tariffs. Prospects for US-India pact appear to be faltering amid a deadlock over agriculture and auto levies, as negotiations with another big trading partner, the EU, also hit the buffers.
Read more: The latest on Trump’s tariffs
Later Tuesday, Jerome Powell’s speech at a regulatory conference is in high focus as the Federal Reserve chair comes under pressure from Trump to step down. While investors will scour his comments for insight into tariff risks to the US economy, Powell is expected to hold off from talking about monetary policy as he is in a blackout period ahead of the Fed’s July meeting.
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