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.

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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.


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