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 were just below the flat line on Tuesday morning.
Futures linked to Dow Jones Industrial Average fell 33 points or 0.09%. S&P 500 futures was 0.05% lower, while Nasdaq 100 futures were flat.
In ordinary trade is Dow ended Monday higher by more than 200 points, or about 0.6%. That S&P 500 added 0.7%, and the Nasdaq Composite jumped 1.1%, marking the fifth positive day for the two indexes. That Nasdaq 100meanwhile, climbed about 1.2% and hit a 22-month high earlier in the day.
Microsoft climbed 2% to hit a 52-week high after the company said former OpenAI CEO Sam Altman would lead its artificial intelligence research team. Chipmaker Nvidia added 2.3% and closed at a record high ahead of third-quarter financial results Tuesday afternoon. The S&P 500’s information technology sector was the biggest gainer, up 1.5%.
On Tuesday, investors will keep an eye on the minutes from the Federal Reserve’s October 31-November 1 policy meeting. Traders are hoping to gain some insight into politicians’ interest rate decisions and learn what it might take for them to change course going forward. Fed funds futures pricing data suggest a nearly 100% probability that the Federal Open Market Committee will hold rates on hold at its upcoming December meeting.
A number of companies, aside from Nvidia, will also announce quarterly results on Tuesday: Lowe’s and Best buy must report before the clock, while HP will post results in the afternoon.
Markets are on a shortened trading week due to the Thanksgiving holiday on Thursday, followed by a 1pm Eastern close on Friday.