The S&P 500 gained 0.7% on Monday as tech shares outperformed after Anthropic filed to go public. Futures were little changed early Tuesday, with a Fed meeting and a wave of earnings ahead.
Stock futures were little changed early Tuesday after Wall Street opened the week with gains. Traders now look to corporate earnings while the Federal Reserve begins a two-day policy meeting.
S&P 500 climbs as tech leads
The S&P 500 gained 0.7% on Monday, while the Nasdaq Composite advanced 0.8% as tech shares outperformed. The Dow climbed 146.42 points, or 0.3%.
S&P 500 futures were marginally higher early Tuesday, Dow futures gained 123 points, or around 0.2%, and Nasdaq-100 futures added 0.1%.
The artificial intelligence trade got a boost after Anthropic filed to go public at the Nasdaq. Tesla shares advanced more than 5%, while Nvidia climbed 2%.
However, the AI trade has faced pressure from investors worried that companies are borrowing too much cash to fund their AI build-outs.
Earnings and the Fed take over Tuesday
Traders will pore through third-quarter earnings reports on Tuesday. Coca-Cola, Robinhood and Boeing are among the companies set to post results, and Microsoft, Alphabet and Amazon are due out later in the week.
The Fed is expected to keep rates unchanged at its latest monetary policy meeting. Even so, traders will look for clues on whether another rate hike will come before year-end.
Fundstrat's Thomas Block, Washington policy strategist, wrote that if rates do not change, "it will still be interesting to see what the vote is" after the swings in the last two meetings.
On the economic front, traders will watch durable orders, consumer confidence data and the new home sales report.
Source: CNBC
Trading involves risk.
Risk Disclaimer
