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US Stock Futures Little Changed As Traders Brace For Q2 Reports From Alphabet, Tesla: 'There Remains Strong Fundamental Support For Large Caps,' Says Economist
The market mood turned jittery after Monday’s rebound, with index futures trading on either side of the unchanged line early Tuesday. The apprehensions reflect uncertainties regarding geopolitics, monetary policy, and the health of the reporting season ahead of earnings from AI stalwart Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and electric-vehicle giant Tesla, Inc. (NASDAQ:TSLA). The Google-parent’s earnings could be seen as a foretaste of what is to come from the rest of the AI-levered stocks.
Earnings news has been mixed. The tidings on the economic front are scarce, with only a housing market report due for the day. That said, traders may choose to remain cautious ahead of some key readings, including Friday’s inflation data.
Futures
Performance (+/-)
Nasdaq 100
-0.02%
S&P 500
+0.08%
Dow
+0.11%
R2K
+0.23%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.08% to $555.11, while the Invesco QQQ ETF (NASDAQ:QQQ) edged 0.01% to $482.28, according to Benzinga Pro data.Cues From Last Session:
Stocks went racing higher on Monday as traders assessed the implications of President Joe Biden’s withdrawal from the race and looked ahead optimistically to the week’s earnings report. Beaten-down tech stocks spearheaded the recovery on a day when most S&P 500 sector indices, barring energy and consumer staples, advanced.
The major averages opened higher, with the Nasdaq Composite Index and the S&P 500 Index moving roughly sideways with strong gains for the rest of the session. In the process, the former broke back above the 18,000 barrier. The Dow Jones Industrial Average experienced some volatility in the morning before moving decisively into the positive terrain and ending modestly higher.
Small-caps resumed their rally, with the Russell 2,000 Index ...