U.S. stock futures rose modestly Tuesday, a day after a rip-roaring rally sent the Dow Jones Industrial Average to a record close and pushed Amazon's market value past $3 trillion for the first time. Gains in major tech names and a decline in oil prices powered Monday's jump.
U.S. stock futures edged higher early Tuesday, following a sharp jump in major indexes a day earlier. Dow Jones Industrial Average futures rose about 0.2%, or 124 points. S&P 500 futures gained around 0.2%.
Tuesday's move follows a rip-roaring session Monday, when the Dow closed at a record high. Amazon's market capitalization topped $3 trillion for the first time. Nvidia and Meta Platforms shares also surged, while Alphabet and Microsoft shares also rose.
Behind the rally, Jose Torres, senior economist at Interactive Brokers, said: "Animal spirits are buoyant to begin the month." He pointed to manufacturing and services sector data released Monday and recent earnings calls, saying they boost confidence that capital-return prospects could impress given valuations that have become substantially cheaper during the deep tech selloff.
Oil prices also fell Monday, giving equities an extra boost. WTI crude dropped 5.1% to settle at $80.34 a barrel after President Donald Trump walked back plans for additional strikes on Iran.
Investors now await a slew of corporate earnings, including results from Caterpillar and McDonald's. Chipmaker AMD is due to report after the closing bell. Tuesday's economic calendar also includes June factory orders and international trade figures.
Source: CNBC
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