Stock futures remained relatively unchanged on Tuesday night following the S&P 500’s record-breaking close, with anticipation building around Nvidia’s upcoming earnings report.
Dow Jones Industrial Average futures edged up by 10 points, while futures linked to the S&P 500 and Nasdaq 100 hovered around the same levels.
During after-hours trading, Urban Outfitters saw a 5% increase after surpassing expectations in both revenue and profit for its latest quarter. Meanwhile, homebuilder Toll Brothers saw a modest 1% increase after exceeding analyst predictions and raising its delivery guidance for the full year.
These movements came after the S&P 500 and Nasdaq Composite achieved new closing records earlier in the day, with the S&P 500 climbing by 0.25% and the Nasdaq by 0.22%. The Dow Jones Industrial Average also saw a gain of 0.17%.
Investors were particularly focused on Nvidia ahead of its quarterly report on Wednesday afternoon. The company’s stock has experienced a significant rally of nearly 93% since the beginning of 2024, with a further 0.6% increase during Tuesday’s trading session.
While the market rally has shown potential for expansion beyond the tech sector, analysts emphasize the importance of strong earnings performances. Liz Ann Sonders, chief investment strategist at Charles Schwab, noted on CNBC’s “Closing Bell” that earnings need to continue improving to align with current market valuations.
In addition to Nvidia, companies like Target, Analog Devices, TJX, and Raymond James Financial are set to release their latest financial results on Wednesday. Traders will also keep an eye on the release of minutes from the Federal Open Market Committee’s recent meeting, as well as April’s existing home sales data.
