Stock Futures Lower as Investors Digest Flurry of Earnings Reports

Stock futures are pointing to a lower open for major U.S. indexes on Tuesday as investors assess a slew of quarterly earnings reports from major companies. 

Futures tied to the Dow Jones Industrial Average were down 0.3%, while those linked to the S&P 500 and Nasdaq 100 fell 0.4%. The Dow and S&P 500, which entered the week at record high levels, fell on Monday, while the tech-heavy Nasdaq finished in positive territory as AI investor darling Nvidia (NVDA) soared to a record high.

Nvidia shares were slightly higher in premarket trading Tuesday, as the company gets closer to overtaking Apple (AAPL) as the world’s biggest company by market capitalization. Apple was down about 0.8%, while other large-cap tech stocks, including Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META), also moved lower ahead of the bell.

Among the stocks on the move after companies released quarterly results, GE Aerospace (GE) was down nearly 5% and Verizon (VZ) dropped nearly 4%, while 3M (MMM) rose 6% and General Motors (GM) added about 0.5%.

The economic data calendar is quiet on Tuesday ahead of reports on housing, the labor market and consumer sentiment later in the week. Investors are closely monitoring economic data and remarks from Federal Reserve officials for indications that the economy remains on sound footing and that the central bank is poised to continue cutting interest rates.

The yield on 10-year Treausurys, which is sensitive to expectations around interest rates, were little changed at 4.18% early Tuesday, after surging yesterday to their highest level since late July.

Gold futures were up slightly at around $2,750 an ounce, as the precious metal continues to trade at record-high levels. Crude oil futures were up about 1%, continuing to recover from last week’s steep losses. Bitcoin was down slightly at around $67,400.