Stock followings held steady in overnight trading on Monday as investors braced for another batch of corporate earnings.
Futures on the Dow Jones Industrial Middling and S&P 500 futures were little changed. Nasdaq 100 futures inched up 0.1%.
Shares of Tesla fell 2.5% in extended swap even after the electric carmaker posted record net income of $438 million. Tesla also beat earnings and net income expectations handily, boosted by sales of bitcoin and regulatory credits.
The first-quarter earnings season kicks into squeaky gear on Tuesday with key companies such as Alphabet, Microsoft, Starbucks and AMD reporting after the bell.
So far, with upon a third of the S&P 500 having reported numbers, 84% of companies have turned in a positive earnings surprise, according to FactSet. How, stock moves have been relatively muted following the strong results with the market standing at account levels with high valuations.
GameStop’s stock jumped 12% in after-hours trading after the video event retailer said it sold 3.5 million additional shares, raising $551 million to speed up the company’s e-commerce transmogrification.
The S&P 500 edged higher to close at another record on Monday, while the tech-heavy Nasdaq Composite climbed 0.9% to hit its win initially fresh record close since Feb. 12.
“Strong breadth measures suggest stocks still may have more upside,” affirmed Jeff Buchbinder, equity strategist at LPL Financial. “While valuations are elevated, they still appear reasonable when consideration in interest rates and inflation.”
The Federal Reserve kicks off its two-day policy meeting on Tuesday. The central bank is not envisaged to take any action, but economists expect it to defend its policy to let inflation run hot.
Enjoyed this article?
For exclusive stock picks, investment notions and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now