US stock futures trod water on Tuesday, hitting pause on a record-setting rally as focus turned to the day’s stream of earnings for insight into the health of Corporate America and the economy.
Dow Jones Industrial Average (^DJI) futures were little changed after the blue-chip index broke above 38,000 for the first time on Monday. Futures on the S&P 500 (^GSPC) wavered around the flatline to hold near a record close, while those on the tech-heavy Nasdaq 100 (^NDX) were also muted.
Stocks have bounced out of their early January slump in recent days as investors increasingly embrace the idea the Federal Reserve could nail a “soft landing” for the US economy. Data showing resilience in the face of higher-than-usual interest rates has buoyed those expectations.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
The market is now looking to fourth-quarter results for inspiration as earnings season picks up steam — and with the release of key GDP and inflation readings still a couple of days away.
Before the bell, the lineup includes big names like 3M (MMM), and Johnson & Johnson (JNJ). After the close, eyes will be on Netflix (NFLX) earnings for an early hint of techs’ performance, watched as a signpost to where the broader stock market is headed.
An upbeat 2024 profit forecast from United Airlines (UAL) helped lift its shares 7% in Tuesday’s premarket. Shares of other airlines, including Delta (DAL) and American Airlines (AAL), rose after the forecast, which came even as United warned of a hit from the grounding of its Boeing 737 Max 9 planes.
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