The major U.S. index futures on the Dow Jones, S&P and Nasdaq are currently pointing to a roughly flat open on Tuesday, with stocks likely to show a lack of direction after ending yesterday’s volatile session little changed.
Traders may remain reluctant to make significant moves as they look ahead to the release of key earnings and economic news in the coming days.
Four of the “Magnificent Seven” companies – Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT) – are among the companies due to report their quarterly results this week.
Big-name companies like Visa (NYSE:V), Eli Lilly (NYSE:LLY), Chevron (NYSE:CVX) and Exxon Mobil (NYSE:XOM) are also due to report their quarterly results.
The Labor Department’s monthly jobs report is also likely to be in focus later this week along with the Federal Reserve’s preferred readings on consumer price inflation.
On the trade front, President Donald Trump reportedly plans to reduce tariffs on auto parts for cars made in America following intense lobbying by industrial leaders.
Stocks fluctuated over the course of the trading day on Monday, extending the volatility seen during last Friday’s session.
After showing a lack of direction early in the session, stocks came under pressure in late morning and early afternoon trading before rebounding going into the end of the day.
The major averages eventually ended the day narrowly mixed. While the Nasdaq edged down 16.81 points or 0.1 percent to 17,366.13, the S&P 500 inched up 3.54 points or 0.1 percent to 5,528.75 and the Dow rose 114.09 points or 0.3 percent to 40,227.59.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves as they look ahead to the release of key earnings and economic news in the coming days.
Traders also kept a close eye on developments on the trade front, with Treasury Secretary Scott Bessent telling ABC News’ “This Week” on Sunday he believes an agreement in principle can reached on “17 or 18 important trade deals” the administration is currently negotiating.
“A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameter of the deal by our trading partners can keep the tariffs there from ratcheting back to the maximum level,” Bessent said.
Meanwhile, in a separate interview with CNBC’s “Squawk Box” this morning, Bessent said he believes it’s up to China to de-escalate, “because they sell five times more to us than we sell to them.”
Reflecting the lackluster close by the broader markets, most of the major sectors ended the day showing only modest moves.
Telecom stocks showed a strong move to the upside, however, with the NYSE Arca North American Telecom Index climbing by 1.7 percent.
Natural gas and steel stocks also saw some strength on the day, while oil service stocks moved lower along with the price of crude oil.
Dow Jones, S&P, Nasdaq, Futures Pointing To Another Choppy Trading Day On Wall Street
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