U.S. stock futures fell on Tuesday as investors absorbed a new wave of earnings and waited for Alphabet (GOOG, GOOGL) to take the lead in this week’s Big Tech earnings, which are seen as key to future stock gains. .
Dow Jones Industrial Average futures (YM=F) fell 0.2%, surging as all indexes ended higher. S&P 500 Index futures (ES=F) fell 0.1%, but contracts for the tech-heavy Nasdaq 100 Index (NQ=F) were little changed.
A crucial week for the market has shifted into gear with Alphabet’s earnings release being watched as a harbinger of signs that Big Tech’s massive AI investments are paying off. Google’s parent company is the first of five “Magnificent Seven” mega-cap stocks to be announced over the next three days, the results of which are expected to determine the direction of the stock price starting November. .
At the same time, investors are bracing for an influx of upcoming economic indicators on consumer confidence and job openings. Updates on inflation and the job market later this week are seen as key to determining whether the Federal Reserve will cut interest rates.
Read more: How Fed Rate Cuts Affect Bank Accounts, CDs, Loans, and Credit Cards
McDonald’s (MCD) posted higher sales in the third quarter due to increased sales in the United States in the face of concerns over the recent E. coli outbreak. PayPal (PYPL) and Pfizer (PFE) join pre-market trading, fueling the busiest week of earnings season. Earnings for AMD (AMD), Chipotle (CMG), and Visa (V) are scheduled to be released after the bell, along with Alphabet.
Meanwhile, the US presidential election is creating some uncertainty in the market in the last intense days of the campaign. Trump Media & Technology Group stock (DJT) rose more than 13% premarket and is on track to extend Monday’s 21% rise following Donald Trump’s rally in New York over the weekend.
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Live stock market coverage for Tuesday, October 29, 2024
