Futures tied to the main U.S. equity benchmarks were little changed on Tuesday as investors weighed a recent rebound in technology shares against a packed earnings calendar and key U.S. economic data due later this week. Results are scheduled from a range of blue chips, including CVS Health (NYSE:CVS) and Coca-Cola (NYSE:KO). Elsewhere, Japan’s Nikkei notched another record, while gold prices eased.
Futures steady after tech-led rebound
U.S. stock futures hovered near flat, signalling a tentative start to the session after Monday’s tech-driven advance.
By 03:04 ET, Dow and S&P 500 futures were largely unchanged, while Nasdaq 100 futures slipped 18 points, or 0.1%.
Wall Street’s major averages extended gains at the start of the week, building on momentum from late last week as technology stocks linked to the artificial intelligence buildout—particularly data centres—led the charge.
Sentiment was further supported by a CNBC report citing comments from OpenAI chief executive Sam Altman, who said in an internal memo that ChatGPT had returned to growth. The development lifted expectations around one of the most influential hubs in the AI ecosystem. Analysts at Vital Knowledge noted that optimism around OpenAI helped prompt DA Davidson to upgrade its outlook for Oracle (NYSE:ORCL), which holds a $300bn data-centre contract with the ChatGPT developer.
By the close, the Nasdaq Composite had climbed 0.9%, sitting just shy of a fresh record, while the S&P 500 also ended within striking distance of all-time highs.
Earnings rush continues
Another busy day of results is set to shape trading, as investors look for clues on corporate performance early in 2026.
Ahead of the opening bell, reports are due from Marriott International (NASDAQ:MAR), Spotify (NYSE:SPOT), CVS Health and Coca-Cola. After the close, Gilead Sciences (NASDAQ:GILD) will publish its numbers.
In after-hours moves, shares of Onsemi (NASDAQ:ON) fell after the chipmaker posted weaker-than-expected fourth-quarter revenue, citing a prolonged inventory overhang. Customers are still working through chip stockpiles accumulated during earlier supply-chain disruptions.
Onsemi also flagged headwinds for its silicon carbide business from sluggish electric vehicle demand and intensifying competition from China. Its midpoint forecast for current-quarter sales came in below Wall Street expectations.
U.S. retail sales in focus
On the macro front, markets are bracing for December U.S. retail sales data.
Household spending is the backbone of the U.S. economy, accounting for more than two-thirds of output and driving much of the 4.4% annualised GDP growth recorded in the third quarter.
However, core retail sales—which exclude autos, gasoline, building materials and food services and are closely tied to the consumer component of GDP—are expected to rise 0.3% in the final month of 2025, easing from 0.5% in November.
Some analysts point to a cooling labour market as a potential drag, although Federal Reserve officials in January characterised employment conditions as “stabilizing.” Analysts at ING said the data should still show “reasonably healthy” growth and reinforce the view that “the U.S. consumer is alive and well.”
Nikkei hits new high on “Takaichi trade”
Asian markets extended gains on Tuesday, led by Japan, where equities surged to fresh records on enthusiasm for the so-called “Takaichi trade” following Prime Minister Sanae Takaichi’s weekend election victory.
Investors have welcomed expectations that Takaichi’s agenda will favour growth, profitability and domestic investment. Her decisive win has strengthened hopes for pro-business reforms, fiscal support and policies aimed at lifting capital investment, innovation and strategic industries.
Gold pulls back
Gold prices retreated on Tuesday, giving back part of Monday’s advance as markets remained cautious ahead of several important U.S. data releases.
Silver and platinum also moved lower, despite limited support from an overnight dip in the dollar, which later stabilised during Asian trading.
Precious metals have seen sharp swings over the past week, with profit-taking and stretched positioning pushing prices off record highs. Uncertainty around U.S. monetary policy—amid speculation over a potential change in Federal Reserve leadership—has added to volatility.
Safe-haven demand for gold was also tempered by mixed signals in U.S.-Iran relations. While both sides reported progress in weekend talks over Iran’s nuclear programme, Washington nevertheless issued a warning on Monday to U.S.-flagged vessels transiting the Strait of Hormuz.