S&P 500 futures didn’t budge much on Tuesday morning as investors took stock of the latest round of corporate earnings ahead of the upcoming Federal Reserve meeting.
The futures tied to the S&P 500 showed minimal movement, while Nasdaq 100 futures inched up slightly by 0.13%. On the flip side, Dow Jones Industrial Average futures dipped by about 0.1%.
In the world of corporate earnings, cybersecurity firm F5 saw a solid 9% boost following impressive financial results. Similarly, electronics manufacturer Sanmina enjoyed a hefty 18% surge after reporting strong earnings per share and offering upbeat guidance for the current quarter. However, things weren’t as rosy for home-appliances maker Whirlpool, which faced a more than 4% drop due to a disappointing outlook for the full year.
These moves followed a positive day on Wall Street, with both the Dow and S&P 500 hitting record highs for the sixth time this year. The Nasdaq Composite, driven by tech stocks, performed even better, climbing over 1% during the session.
Monday marked the start of a busy earnings week, with 19% of S&P 500 companies slated to report. So far, around 72% of the companies that have shared earnings have beaten Wall Street’s expectations.
Looking ahead, investors are keeping a close eye on the Federal Open Market Committee’s two-day policy meeting kicking off on Tuesday. Market watchers anticipate that the central bank will likely keep interest rates unchanged during its announcement on Wednesday.
Apart from earnings reports, investors are also tuning in to economic data on housing, the labor market, and consumer confidence. These numbers will play a crucial role in shaping expectations for the Fed’s policy decision and subsequent press conference.
Among the key companies reporting earnings this week are Microsoft, Alphabet, Amazon, Meta, and Apple, collectively known as the “Magnificent 7” for their significant influence on the S&P 500. Additionally, General Motors, UPS, and Starbucks are set to announce their results on Tuesday.
