Inventory futures are flat in entrance of massive tech’s income
A trader works in his post on the trading floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Stock futures were flat in overnight trading Monday ahead of several mega-cap tech companies’ quarterly earnings reports.
Futures on the Dow Jones Industrial Average added 6 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures traded near the flatline.
Tesla shares rose Monday after a better-than-expected earnings report for the second quarter after close of business. The electric vehicle maker topped a quarterly profit of $ 1 billion for the first time.
Major US stock averages closed Monday’s regular session at record highs on every notch of five-day winning streaks. The Dow gained 82.76 points, or 0.24%. The S&P 500 was also up 0.24% and the tech-heavy Nasdaq Composite closed 0.03% higher.
The earnings season for the second quarter continues, with Google parent Alphabet, Microsoft and Apple reporting after the bell on Tuesday.
“It seems we are going to make really solid profits from these companies, and that should bounce back a little bit of the market bounce,” said Victoria Fernandez, chief market strategist, Crossmark Global Investments.
“Apple may be your best chance to see some movement as the company has been in more of a consolidation phase for the past few months,” added Fernandez.
JetBlue, UPS, General Electric and Starbucks will also post profits on Tuesday.
The Federal Reserve’s two-day monetary policy meeting is also set to begin Tuesday. Investors are waiting for insights into the central bank’s monetary policy.
The Federal Reserve Open Market Committee and Board of Governors are expected to issue a statement after the session ends on Wednesday.