Stock market today: Live updates
A trader works on the floor the of the New York Stock Exchange.
NYSE
U.S. stock futures were little changed on Tuesday night after a tech-drive rally lifted the S&P 500 and Nasdaq Composite to new records.
S&P 500 futures and Nasdaq 100 futures were trading around 0.1% lower. Futures tied to the Dow Jones Industrial Average shed 29 points, or less than 0.1%.
Stocks making the biggest moves in Tuesday’s extended trading session included Zscaler, which tumbled 19% after guiding for current-quarter revenue below what analysts polled by LSEG were seeking. Meanwhile, shares of Insulet fell 8% after the medical device company announced a voluntary medical device correction for specific lots of several of its pods.
During the day’s regular session, a rally in the technology sector drove both the broad market index and tech-heavy Nasdaq to fresh intraday and closing highs. The S&P 500 added 0.61%, while the Nasdaq popped 1.19%. On the other hand, the blue-chip Dow shed 118.02 points, or 0.23%.
Tuesday’s gains were driven by shares of Micron Technology, which surged 19% to top $1 trillion in market capitalization for the first time. Investors were also encouraged by messages from President Donald Trump indicating that talks with Iran to end the war were “proceeding nicely.” While the U.S. conducted “self defense” strikes in southern Iran early Tuesday, Central Command spokesman Tim Hawkins said that the U.S. used “restraint during the ongoing ceasefire” between the two nations.
Hopes of easing tensions, alongside a strong earnings season, have propelled stocks to numerous new record highs this year. But Drew Pettit, U.S. equity strategist at Citi, doesn’t see much more room for stocks to run from here.
“You got yields higher, like 4.50% on the [U.S. 10-year Treasury] , and you have inflation expectations higher in a curve that’s actually gotten flatter throughout the year. All of that doesn’t set you up for a higher sustainable multiple at this point,” he said on CNBC’s “Power Lunch” on Tuesday afternoon.
Pettit’s 7,700 year-end target for the S&P 500 implies a modest increase of just 2% for the index.
Bank of Montreal, Bath & Body Works, Capri, Dick’s Sporting Goods, Manchester United and Abercrombie & Fitch will report earnings before Wednesday’s opening bell.
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