US stock futures were in a state of uncertainty on Tuesday as investors awaited key earnings reports, particularly from Big Tech companies, that could potentially sustain the market’s rally this year.
Futures for the S&P 500 and Nasdaq 100 hovered around the flatline, following significant gains in the previous session. Dow Jones Industrial Average futures were also relatively unchanged, but in positive territory.
Investors were closely monitoring earnings releases from General Motors and Coca-Cola early in the day, with anticipation building for results from Alphabet and Tesla after the market closes. These reports from the “Magnificent Seven” tech giants were expected to provide insight into the continued growth of these companies.
The recent resurgence in tech stocks helped drive the S&P 500 and Nasdaq higher, bouncing back from last week’s losses that were attributed to a rotation away from large-cap stocks that have been driving the market’s upward trend.
The focus on tech stocks comes as volatility surrounding the US presidential election has eased in the past few days. Vice President Kamala Harris’s projected delegate support to become the Democratic nominee has helped calm any remaining concerns following President Joe Biden’s decision to withdraw from the race.
Overall, the market remains cautiously optimistic as investors await further earnings reports and economic data to gauge the strength of the recovery. Stay tuned for more updates as the day unfolds.
