Stock futures are little changed after S&P 500 ekes out record close; Tesla shares slide

Stock futures were mildly lower in early morning trading on Tuesday after the S&P 500 eked out a fresh record close Monday to kick off November.

Futures on the Dow Jones Industrial Average rose just 2 points. S&P 500 futures and Nasdaq 100 futures both sat fractionally below the flatline.

All three major U.S. stock indexes hit new intraday highs and closed at records during Monday’s regular session.

Stock picks and investing trends from CNBC Pro:

The Dow rose 94.3 points, helped by gains in Boeing and Dow Inc. The S&P 500 rose nearly 0.2%. The Nasdaq Composite added 0.6%. The small-cap Russell 2000 gained 2.7%, its best daily performance since August.

Eight out of 11 S&P 500 sectors finished the session higher, led by energy.

Tesla shares cooled off Tuesday after popping during the end of October. Shares of the electric automaker tumbled 5.3% premarket, though they are up 71.3% year to date. The drop follows a report that the carmaker is recalling 11,700 of its vehicles due to a communications error, and a tweet from company founder Elon Musk that Tesla has yet to sign a contract with rental giant Hertz.

Investors are eyeing a number of potentially market-moving events this week. The Federal Reserve’s highly anticipated Federal Open Market Committee meeting takes place this week. The October jobs report drops Friday. Third-quarter earnings season continues.

“The November FOMC meeting, October payrolls … and a host of earnings updates sets up a catalyst heavy week of trading ahead,” Goldman Sachs’ Chris Hussey said in a note.

Investors await earnings reports Tuesday from companies including Under Armour, Pfizer and Lyft.

Better-than-expected corporate earnings results boosted the U.S. stock averages to finish October at record highs, with the S&P 500 and Nasdaq posting their best months since November 2020.

As of Monday evening according to FactSet, 55.8% of S&P 500 companies have reported quarterly financial results, with 82% beating earnings estimates.

Source

Leave a Reply

Your email address will not be published.

scroll to top