Source : (Reuters) – U.S. stock index futures were steady on Tuesday as investors assessed a host of corporate results, with focus mainly on Google-parent Alphabet’s (GOOGL.O), earnings expected later in the day for clues on the outlook for technology megacaps.
“Magnificent Seven” member Alphabet’s shares rose 0.4% in premarket trading ahead of its results due after market close, where it is expected to post its slowest revenue growth in four quarters.
This week marks the busiest period for S&P 500 earnings, with eyes on five of the “Magnificent Seven” group of stocks that are reporting quarterly results.
The group’s results will be crucial to determining whether Wall Street can sustain the optimism around technology and artificial intelligence that has lifted indexes to record highs this year.
Still, there were plenty of premarket earnings for investors to sift through. Drugmaker Pfizer (PFE.N), rose 2% after hiking its profit forecast, while Vans parent VF Corp (VFC.N), leapt 18.6% after the company reported a profit for the first time in two quarters.
Meanwhile, Ford (F.N), opens new tabslumped, 5.5% after the automaker said it expects to hit the lower end of its annual profit forecast after the bell on Monday, citing supplier disruptions and warranty costs.
D.R. Horton (DHI.N), dropped 7.7% after the homebuilder forecast 2025 revenue below estimates.
Other megacap stocks were mixed, with Nvidia (NVDA.O), dipping 0.4% and Meta Platforms (META.O), gaining 0.2%.
Also in focus was September’s JOLTS job openings and October consumer confidence data, due at 10 a.m. ET.
The JOLTS data will be scrutinized for signals on the strength of the labor market ahead of Friday’s nonfarm payrolls report, as investors increasingly bet that the Federal Reserve will not cut interest rates as much as initially thought given the economy’s robust performance.
The benchmark U.S. 10-year Treasury yield breached the 4.3% level for the first time since early July – adding another headwind for equities.
Dow E-minis were down 79 points, or 0.19%, S&P 500 E-minis were down 4 points, or 0.07%, and Nasdaq 100 E-minis were up 1.75 points, or 0.01%.
With earnings, geopolitical tensions in the Middle East, the upcoming U.S. elections and a Fed meeting, investors are anticipating a volatile few weeks.
“It wouldn’t be a surprise to see further de-risking in the short-term, and some turbulent trade for now, ahead of election day next Tuesday,” said Michael Brown, senior research strategist at Pepperstone.
The VIX (.VIX), has risen above 20 from below 15 in September.
Trump Media & Technology Group’s (DJT.O), shares jumped 13%, after surging to their highest since June on Monday as the White House race enters its final stretch.
Of the 184 companies in the S&P 500 that have reported third-quarter earnings so far, 78.8% have reported above analyst expectations, fairly in line with average performance over the past four quarters, according to LSEG data.
Reporting by Lisa Mattackal in Bengaluru; Editing by Varun H K and Shounak Dasgupta
