US stock futures trod water on Tuesday as Wall Street geared up for the next wave of corporate results, with the likes of Netflix (NFLX) on the docket.
Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all edged down about 0.1%. On Monday, stocks rallied as Apple hit a new record high, boosting tech names.
Investors are focused on a flurry of major earnings reports due this week, and Netflix and General Motors (GM) headline results due Tuesday. Investors will be watching Netflix’s ad business and live programming after a volatile stretch for the stock. For GM, attention will center on tariffs and how the end of the federal EV tax credit could affect sales.
At the same time, signs emerged that the US-China trade war may be easing. President Donald Trump saying he expects to reach a “fair deal” with Chinese President Xi Jinping when they meet in South Korea later in October.
Meanwhile, the government shutdown continues, now the third-longest federal work stoppage in US history. But there are no plans in motion to end the closure, even as economic pressures mount.
That said, markets are pricing in another quarter-point interest-rate cut from the Federal Reserve at its two-day meeting next week. Friday’s upcoming CPI consumer inflation report will likely be key to that decision, and so will be closely watched.
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