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U.S. stock futures pointed lower Tuesday, ahead of the release of results from megacap tech giants including Microsoft and Google owner Alphabet.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
-0.29%
fell 64 points, or 0.2% to 33901. -
Futures on the S&P 500
ES00,
-0.26%
dropped 5.25 points, or 0.1%, to 4288. -
Futures on the Nasdaq 100
NQ00,
-0.24%
decreased 10.75 points, or 0.1% to 13525.
Monday saw the biggest intraday reversal since February for the Dow Jones Industrial Average
DJIA,
which rose 238 points, or 0.7%, to 34049. The S&P 500
SPX,
increased 24 points, or 0.57%, to 4296, and the Nasdaq Composite
COMP,
gained 166 points, or 1.29%, to 13005.
Also read: U.S. stocks ended a Manic Monday in the green — but intraday bounces like this aren’t bullish
What’s driving markets
“There were not any new headlines driving this whiplash and instead these gyrations were propelled by the market’s ongoing tug-of-war between bulls and bears,” said Jani Ziedins, who writes the Cracked Market blog.
“While lower prices could very easily be ahead of us, the midday bounce off of 4,200 support gave us the perfect bounce entry.”
There’s a big slate of earnings due over the next few days, with Tuesday’s schedule including 3M
MMM,
General Electric
GE,
and after the close, General Motors
GM,
Microsoft
MSFT,
and Alphabet
GOOG,
The U.S. economics calendar includes durable-goods orders, consumer confidence and new-home sales. A survey from Morning Consult showed consumer spending across most categories fell in March due to rising prices.
