Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City.
Michael M. Santiago | Getty Images
Stock futures hovered just below the flat line on Tuesday morning.
Futures tied to the Dow Jones Industrial Average were down 32 points, or 0.09%. S&P 500 futures were 0.1% lower, while Nasdaq 100 futures were down 0.05%.
In regular trading, the Dow ended Monday higher by more than 200 points, or about 0.6%. The S&P 500 added 0.7%, and the Nasdaq Composite jumped 1.1%, marking the fifth positive day for the two indexes. The Nasdaq 100, meanwhile, climbed about 1.2% and hit a 22-month high earlier in the day.
Microsoft climbed 2% and touched a 52-week high after the company said former OpenAI CEO Sam Altman would lead its artificial research team. Chipmaker Nvidia added 2.3% and closed at an all-time high ahead of fiscal third-quarter results on Tuesday afternoon. The S&P 500’s information technology sector was the top gainer, rising 1.5%.
On Tuesday, investors will keep an eye out for the minutes from the Federal Reserve’s Oct. 31 to Nov. 1 policy meeting. Traders are hoping to glean some insight into policymakers’ rate decision and learn what it might take for them to change tack going forward. Fed funds futures pricing data suggests a nearly 100% probability that the Federal Open Market Committee will hold steady on rates at its upcoming December meeting.
A slate of companies, aside from Nvidia, will also post quarterly results Tuesday: Lowe’s and Best Buy are due to report before the bell, while HP will issue results in the afternoon.
Markets are on a shortened trading week due to the Thanksgiving holiday on Thursday, followed by a 1 p.m. Eastern time close on Friday.
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