United States stock futures were steady on Monday night (Tuesday AEDT) after Wall Street extended its rally to fresh records at the start of the week.
By 9:40 am AEDT (10:40 pm GMT), futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 were all trading within a tight ±0.1% range.
In extended trading, shares of Constellation Brands, the maker of Modelo beer, climbed more than 3.1% after the company topped Wall Street’s expectations for both revenue and earnings per share.
The drinks giant maintained its lowered full-year guidance, citing ongoing macroeconomic headwinds. Net sales fell 15% from a year earlier to US$2.48 billion, while operating margins contracted in part due to higher aluminium tariffs.
Meanwhile, Aehr Test Systems shares plunged 21.2% after the semiconductor testing company said it was “not yet reinstating formal guidance” amid tariff-related uncertainty.
Aehr reported adjusted earnings of $0.01 per share, slightly ahead of expectations for flat results, on revenue of $11 million versus expectations of $10.79 million.
Stocks rallied to new highs on Monday, buoyed by optimism over accelerating mergers and acquisitions activity and growing confidence in an imminent Federal Reserve interest rate cut.
The S&P 500 notched its 32nd record close of 2025 and extended its winning streak to seven sessions, while the Nasdaq Composite secured its 31st record high of the year.
The Dow Jones Industrial Average ended modestly lower, while the Russell 2000 small-cap index also hit a record after surpassing the 2,500 mark for the first time.
Non-fiat assets joined the rally, with gold surging to an all-time high above $3,900 per ounce on expectations of a Fed rate cut, while bitcoin climbed past $125,000 for the first time.
The record-breaking momentum comes despite the ongoing U.S. government shutdown, now entering its second week.
The political impasse has delayed the release of crucial economic data, including the September employment report, depriving investors and policymakers of key insights into the state of the economy.
The data blackout has increased uncertainty for the Federal Reserve as it assesses the timing and scope of its next rate move.
Attention now turns to the Federal Open Market Committee (FOMC) minutes, due Wednesday, and a series of speeches from Fed officials, including Vice Chair Michelle Bowman, Governor Stephen Miran, and Minneapolis Fed President Neel Kashkari.
Earnings season is also beginning to build momentum, with quarterly results from PepsiCo and Delta Air Lines expected later in the week.
