Stock futures remained stable on Tuesday evening as Wall Street anticipated a potential rebound toward record highs this week.
Futures linked to the S&P 500 were flat, while Nasdaq 100 futures experienced a slight increase of about 0.2%. In contrast, Dow Jones Industrial Average futures dropped by 24 points.
During Tuesday’s regular trading session, both the Dow and S&P 500 retreated from their recent peaks, declining by 0.75% and 0.76%, respectively. The Nasdaq Composite saw a more significant decline of 1.01%, yet it remains less than 2% away from its own record high. The technology sector, particularly semiconductor stocks, exerted pressure on the S&P 500 and Nasdaq, with the tech sector dropping 1.8% as Nvidia’s shares fell more than 4%.
Bryn Talkington, managing partner at Requisite Capital Management, commented on CNBC’s “Closing Bell” that the stock market is expected to experience volatility in the coming weeks as investors navigate earnings season and the upcoming presidential election.
“Until the election is over and we can confirm gridlock, I think at the headline number we’re not going to do much, but I think underneath the surface we’re going to see the haves and have-nots,” she noted.
This week’s earnings reports have been mixed, with robust results from major banks being counterbalanced by disappointing outlooks from companies such as UnitedHealth Group and Dutch chipmaker ASML.
Looking ahead, notable earnings reports are set to be released on Wednesday from Morgan Stanley and Abbott Laboratories before the market opens.
