United States stock futures traded within a tight range on Monday night (Tuesday AEST) after the S&P 500 and Nasdaq Composite closed at fresh record highs, as investors braced for a pivotal stretch of second-quarter earnings.
By 9:15 am AEST (11:15 pm GMT), Dow futures ticked up by 0.1%, S&P 500 futures were up 0.04%, Nasdaq 100 futures remained flat.
In after-hours trading, NXP Semiconductors lost 5.4% despite the company beating estimates on both earnings and revenue. The semiconductor maker reported second-quarter earnings per share (EPS) of $2.72 on revenue of US$2.93 billion, compared with expectations of $2.68 and $2.90 billion, respectively.
Steel Dynamics fell 2.4% after the steel producer missed expectations. The company posted EPS of $2.01 on $4.57 billion in revenue, versus forecasts of $2.24 and $4.72 billion in revenue.
Zions Bancorp, meanwhile, rose 2.4% after delivering stronger-than-expected earnings of $1.63 per share, beating the $1.31 expected. Chairman and CEO Harris H. Simmons struck a positive tone, stating, “We’re incrementally more optimistic about growth in the back half of the year than we’d previously been.”
The broader market began the week on a mixed note. On Monday, the S&P 500 rose 0.1% to close at 6,305.60, marking its first finish above the 6,300 threshold. The Nasdaq Composite added nearly 0.4% to 20,974.17, also a record close. Both indices notched new all-time intraday highs earlier in the session, fuelled by tech gains ahead of major earnings releases.
The Dow Jones, however, underperformed slightly and ended the session marginally lower.
ANZ analysts commented: "U.S.-EU trade negotiations will continue this week, with markets paying close attention as the 1 August deadline approaches. The EU is reportedly preparing a retaliatory plan should negotiations fail to produce a deal.
"Scott Bessent said trade talks with China are in a good place and that the next round of discussion could include China’s purchases of Russian and Iranian oil."
Investors are also shifting focus toward a crucial week of corporate earnings. Several notable companies, including Philip Morris International, Coca-Cola, and Lockheed Martin, are set to report during Tuesday's U.S. session.
Alphabet and Tesla will follow on Wednesday, kicking off a key stretch of updates from the “Magnificent Seven” tech giants. These mega-cap firms are widely expected to be central to overall earnings growth this season.
