Dow Jones futures saw a slight uptick overnight, but S&P 500 futures and Nasdaq futures dipped. The focus was on major earnings reports from companies like Microsoft, Google’s parent company Alphabet, and Advanced Micro Devices (AMD). However, there was a setback for Tesla as a judge nullified CEO Elon Musk’s $56 billion stock compensation plan.
In Tuesday’s trading, the stock market had a mixed performance, with the Dow climbing while Apple’s stock took a hit ahead of its upcoming earnings release. Investors seemed cautious, especially in the tech sector, as they awaited the outcomes of key earnings announcements scheduled for Tuesday night.
The release of job openings data, which came in higher than expected, raised concerns among Federal Reserve policymakers. All eyes were on the Fed meeting, set to conclude on Wednesday, for signals about potential rate cuts.
Microsoft’s earnings report met expectations, but Google and AMD stocks declined after their respective earnings releases. These reports were crucial not only for the tech sector but also for the broader market rally.
Other tech giants like Meta Platforms, Nvidia, Amazon.com, and Arista Networks also saw slight declines in overnight trading. Meta and Amazon are scheduled to report their earnings on Thursday, while Arista’s report is expected next week.
Investors were also eagerly awaiting earnings reports from Novo Nordisk and Boeing on Wednesday. Novo Nordisk stock remained flat, while Boeing stock faced scrutiny amid ongoing issues with the 737 Max 9 aircraft.
Elon Musk faced a setback as a Delaware judge voided Tesla’s $56 billion compensation plan, citing concerns about the board’s decision-making process. Despite this setback, Tesla’s stock saw modest movement in overnight trading.
Apple’s stock continued its decline, falling below the 50-day moving average amid concerns about declining iPhone sales. The company’s upcoming earnings report on Thursday evening added to the apprehension among investors.
Overall, the market remained cautious as investors digested earnings reports and awaited further guidance from the Federal Reserve.
