S&P 500 futures hold near highs amid projected earnings from megatech companies

How stock index futures are traded:

S&P 500 futures are down 0.02%.

Dow Jones Industrial Average futures are down 0.05%.

Nasdaq 100 futures rose 0.09%.

On MondayThe Dow Jones Industrial Average rose 273 points, or 0.65%, to 42,388, the S&P 500 rose 15 points, or 0.27%, to 5,824 and the Nasdaq Composite added 49 points, or 0.26%. , up to 18,567.

Futures pointed to a muted opening for Wall Street on Tuesday as tensions mount ahead of the U.S. election a week later and investors watch earnings reports from some tech heavyweights responsible for much of the S&P 500’s 22-year gain. 1%. this year.

Alphabet, which owns Google, will release results after the close on Tuesday, Microsoft and Meta will report on Wednesday, and Amazon.com and Apple will report the next day.

“S&P 500 futures have been in a very volatile range since the first week of October, and this recent consolidation may make sense given that investors are looking forward to tech earnings as 5 of the 7 stocks representing the Magnificent 7 are due to report this week, or approximately $12 trillion market cap,” says Mark Newton, head of technical strategy at Fundstrat.

“That’s about 1/4 of the entire market capitalization of the S&P 500, so it could make sense that the earnings results could provide a surprise that could be meaningful,” Newton adds.

Meanwhile, the bullish surge was tempered somewhat by the emergence of the 10-year Treasury yield, which returned above 4.3% for the first time in three months.

The rise in yields comes amid concerns that Donald Trump’s victory on November 5 could reignite inflationary pressures through his proposed import tariffs and lead to increased bond issuance as tax cuts lead to larger government deficits.