Stock futures trade flat after indexes set record highs


The stock futures opened barely changed on Monday evening after a record meeting earlier in the day. Investors are waiting for more corporate results from large companies.

Contracts on the S&P 500 were just above the flat line after the blue-chip index hit an all-time high on the regular trading day. Dow and Nasdaq futures were hardly changed. Tesla (TSLA) shares fell in late trading after the company's first-quarter sales results fell short of estimates, despite automotive earnings and gross margins beating expectations.

The results will rise again on Tuesday. Companies like Microsoft (MSFT), Alphabet (togetL), and Starbucks (SBUX) are ready to report results. The big tech names reporting Tuesday and later this week are being watched particularly closely. These stocks have largely underperformed the broader market since the start of the year as the 2020 tech and growth rally cooled and investors instead cycled and value stocks.

"Except for Google, you get the FAANG stock and it's been dead money for 7, 8, 9 months," Matt Maley, executive director and chief market strategist at Miller Tabak, told Yahoo Finance on Monday. "We see Facebook trying to break out, Amazon finally trying to get to the top end of its range. Netflix couldn't break out last week. That was a disappointment. So if these things could finally improve, it would be." be positive . "

Also on Tuesday is the Federal Reserve's first two-day rate-fixing meeting, which is ultimately unlikely to change monetary policy materially. Officials have telegraphed their commitment to keep politics highly accommodative during the recovery from the pandemic. So far, interest rates have been kept near zero and an aggressive asset purchase program has been maintained at a monthly rate of $ 120 billion.

"The Fed has made it very clear that this time around they will wait for inflation before reacting." Kelsey Berro, fixed income portfolio manager for JPMorgan Asset Management, told Yahoo Finance. "In the past, they have relied on their forecasts, and their forecasts really haven't done a good job. Inflation has missed the mark time and time again over the past few decades. And this time they're taking a different approach. You'll wait and see the data before they react. "

The story goes on

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7:01 AM ET Monday: Stock futures are rising

Here the markets were traded on late Monday:

  • S&P 500 Futures (ES = F): 4,179.75, plus 0.25 points or 0.01%

  • Dow Futures (YM = F.): 33,873.00, minus 5 points or 0.01%

  • Nasdaq Futures (NQ = F.): 14,016.00, plus 4.5 points or 0.03%

A trader makes a phone call outside of the New York Stock Exchange (NYSE) on Wall Street in New York City on July 20, 2020. - Wall Street stocks were mixed in early July 2020 as markets waited for Congressional debate on another round of stimulus spending and major earnings releases later in the week. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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