U.S. stock futures were volatile on Tuesday as investors considered reports early on in a closely watched earnings day, before turning their attention to results from big technology companies that could fuel a sustained rally this year.
S&P 500 futures (ES=F) and tech-heavy Nasdaq 100 futures (NQ=F) were trading in a more sideways range after both indexes broke out from sharp closing gains. Dow Jones Industrial Average futures (YM=F) were little changed and also rose.
Investors are taking early stock of General Motors (GM) and Coca-Cola (KO) amid a flurry of highly-anticipated quarterly reports on Tuesday. As they await results from Alphabet (GOOGL, GOOG) and Tesla (TSLA) after the close, the market is keeping an eye on signs of continued growth from the first two of the “Magnificent Seven.”
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A revival in tech stocks helped the S&P 500 (^GSPC) and Nasdaq surge on Tuesday, rebounding from last week’s sharp sell-off that came amid a rotation away from the large-cap stocks that have driven this year’s gains.
The renewed focus on technology comes as uncertainty surrounding the US presidential election has eased over the past two days. Vice President Kamala Harris is expected to have secured delegate support to become the Democratic presidential nominee, helping to ease fears surrounding President Joe Biden’s withdrawal from the election.
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