S&P futures showed a mix of performance early Tuesday after the S&P 500 and Nasdaq Composite reached new record highs in the last session, as investors reviewed the latest corporate earnings reports. S&P 500 futures fell by 0.2%, and Nasdaq Composite futures decreased by 0.6%. Futures linked to the Dow Jones Industrial Average rose by 117 points, which is an increase of 0.2%. General Motors reported earnings that exceeded expectations, causing shares to rise by 3.8%. UPS reported better-than-expected earnings, but the stock fell by 3%.
The S&P 500 and Nasdaq, which focuses on tech stocks, reached new highs during the day and at closing on Monday, while the Dow Jones Industrial Average fell behind. The market’s gains were limited as peace talks between the U.S. and Iran seemed to have stalled. Over the weekend, President Donald Trump called off plans for U.S. special envoy Steve Witkoff and Jared Kushner to travel to Pakistan to talk about the ceasefire in Iran. The president mentioned in a post on Truth Social that talks might take place over the phone. Esmaeil Baqaei stated that there are no meetings scheduled between Tehran and Washington at this time.
In some positive news, White House press secretary Karoline Leavitt confirmed on Monday that Trump and his national security team have talked about Iran’s proposal to reopen the Strait of Hormuz if the war ends and the U.S. removes its blockade. This news arrives in a significant week for earnings in the stock market, as five of the top seven tech companies are set to announce their results. Alphabet, Amazon, Meta Platforms, and Microsoft will report their results on Wednesday, and Apple is scheduled to release its results on Thursday.
“I believe some of the strength seen in the first quarter has already been accounted for,” said John Belton during an appearance on Monday afternoon. “These are solid fundamentals and high expectations — it’s difficult to predict how stocks will react on earnings day given this situation.” However, when considering the long term, I find these quite intriguing.