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Traders work on the floor of the New York Stock Exchange during the morning trading on November 07, 2024 in New York City.
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Stock futures were higher early Tuesday as investors awaited key earnings from retailers and chipmaker Nvidia this week.
Futures tied to the Dow Jones Industrial Average added 0.12%. S&P futures rose about 0.12%, while Nasdaq 100 futures traded higher 0.22%.
In after-hours trading, Trump Media & Technology Group shed about 4%, giving back earlier gains, on news that the company is in talks to buy cryptocurrency trading firm Bakkt. Walmart shares rose 0.8% ahead of earnings due before the bell on Tuesday.
Investors are waiting for Nvidia to post results Wednesday afternoon as the market's next major catalyst. Eyes will be on how much demand the company signals for its Blackwell AI chips. The stock climbed marginally after the market closed, but had shed 1.3% in Monday's regular session.
About 93% of S&P 500 companies have reported quarterly results so far, with three-quarters exceeding expectations and more than 60% beating revenue estimates, according to FactSet.
Stocks attempted to make a comeback in the latest trading session. The tech-heavy Nasdaq Composite gained 0.6%, snapping a four-day losing streak, while the S&P 500 added about 0.4%. The Dow Jones Industrial Average fell about 55 points, or 0.1%, marking three consecutive down sessions for the 30-stock index. Last week, a postelection selloff was sparked by concerns about the future path of interest rates given a strong economy and labor market.
Although some of Wall Street views the broader market as expensive, several major firms hiked S&P 500 targets for 2025, citing the longer-term rate-cutting optimism and hopes of a more business-friendly presidency ahead for the increase.
"The market has been in an uptrend because of a strong economy, the Fed continually cutting rates, and strong Q3 earnings," said Andrew Slimmon, Morgan Stanley Investment Management's head of the applied equity advisors team. "The market is set up well for equities, and investors are not going to see the pullback they want."
China’s vice premier vows to boost Hong Kong competitiveness, says stimulus push has ‘benefited’ the city
Chinese Vice Premier He Lifeng on Tuesday vowed to boost Hong Kong's competitiveness by investing in the city's innovation and strengthening its financial policies.
Speaking at the third Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, He reiterated Beijing's commitment to "explore and implement" measures aimed at building Hong Kong as an "international financial center." That's according to CNBC's translation of his spoken Mandarin.
Beijing's stimulus measures have already "benefited" Hong Kong, said He, who oversees a top-level economic and financial policy-making body. "The upward trajectory of the economy is more certain."
—Anniek Bao
Super Micro Computer shares pop after company hires new auditor to keep Nasdaq listing
Super Micro Computer said on Monday that it hired BDO as its new independent auditor, driving shares more than 37% higher in after-hours trading. The server maker also submitted a plan to The Nasdaq Stock Market to regain compliance with the exchange's listing requirements, and said that it will remain listed on the Nasdaq pending its "review of the compliance plan."
Super Micro is late in filing its year-end report with the SEC and had announced earlier this month that it was searching for a new accountant after its previous one, Ernst & Young, resigned in October. The company said it told Nasdaq that it believes it will be able to file its annual report for the year ended June 30 as well as its quarterly report for the period ended Sept. 30.
Super Micro's shares are down more than 24% this year, and have plunged 54.7% over the past month over news about its compliance with Nasdaq.
— Pia Singh, Kif Leswing
English (US)