Market Snapshot: U.S. stock futures edge lower as megacap tech earnings await

United States

U.S. stock futures pointed lower Tuesday, ahead of the release of results from megacap tech giants including Microsoft and Google owner Alphabet.

What’s happening
  • Futures on the Dow Jones Industrial Average YM00, -0.26% fell 64 points, or 0.2% to 33901.
  • Futures on the S&P 500 ES00, -0.24% dropped 5.25 points, or 0.1%, to 4288.
  • Futures on the Nasdaq 100 NQ00, -0.28% decreased 10.75 points, or 0.1% to 13525.

Monday saw the biggest intraday reversal since February for the Dow Jones Industrial Average DJIA, +0.70%, which rose 238 points, or 0.7%, to 34049. The S&P 500 SPX, +0.57% increased 24 points, or 0.57%, to 4296, and the Nasdaq Composite COMP, +1.29% gained 166 points, or 1.29%, to 13005.

Also read: U.S. stocks ended a Manic Monday in the green — but intraday bounces like this aren’t bullish

What’s driving markets

“There were not any new headlines driving this whiplash and instead these gyrations were propelled by the market’s ongoing tug-of-war between bulls and bears,” said Jani Ziedins, who writes the Cracked Market blog.

“While lower prices could very easily be ahead of us, the midday bounce off of 4,200 support gave us the perfect bounce entry.”

There’s a big slate of earnings due over the next few days, with Tuesday’s schedule including 3M MMM, -0.38%, General Electric GE, +0.91%, and after the close, General Motors GM, -0.05%, Microsoft MSFT, +2.44% and Alphabet GOOG, +3.04%.

The U.S. economics calendar includes durable-goods orders, consumer confidence and new-home sales. A survey from Morning Consult showed consumer spending across most categories fell in March due to rising prices.