Stock futures were subdued Tuesday night as Wall Street focused on whether stocks could recover to record highs this week.
Futures prices linked to the S&P 500 index were flat. Nasdaq 100 futures rose less than 0.1%, while Dow Jones Industrial Average futures rose just 2 points.
The Dow and S&P 500 both fell below recent records during regular trading Tuesday, dropping 0.75% and 0.76%, respectively. The Nasdaq Composite fell 1.01%, but was still less than 2% from its all-time high. Tech stocks, especially semiconductors, weighed on the S&P 500 and Nasdaq. The tech sector fell 1.8% on Tuesday, with Nvidia down more than 4%.
Bryn Talkington, managing partner at Lakequisit Capital Management, said on CNBC’s “Closing Bell” that the stock market could be volatile in the coming weeks as investors try to navigate earnings season and the presidential election. He said it was highly sexual.
“Until the election is over and there is a deadlock, there won’t be much on the surface, but underneath the surface there will be a clear picture of the haves and have-nots,” she said.
Earnings reports were mixed this week, with strong reports from big banks offset somewhat by weaker outlooks from companies such as UnitedHealth Group and Dutch chipmaker ASML.
On Wednesday, two notable reports from Morgan Stanley and Abbott Laboratories are scheduled to be released before the market opens.
