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Stock futures are flat after Dow, S&P close at records

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U.S. stock index futures were little changed during overnight trading on Tuesday after the Dow and S&P closed at record highs as earnings season continues.

Futures contracts tied to the Dow Jones Industrial Average and S&P 500 were flat. Nasdaq 100 futures declined 0.09%.

During regular tradingTo close the day at an unprecedented high, the Dow rose by approximately 15 points. The Dow gained 15 points to reach an all-time high of 30 stocks. This marked the third consecutive day for the benchmark and the fifth straight positive session over the past six. The Dow rose about 150 points in earlier sessions to hit an intraday record.

The S&P gained 0.18% for its ninth positive session in the last ten, and also hit both a record intraday and closing high. This was the benchmark index’s 70th intraday peak in 2021 and the 57th highest closing.

Nasdaq Composite recorded a positive session number three in four, with a gain of 0.06 percent. Facebook was a major contributor to the tech-heavy index. Shares of the social media giant fell 3.9%.

Microsoft AlphabetThese were the top headlines on Tuesday, after the market closes. Both revenue and profit expectations exceeded them both.

Ed Moya from Oanda Senior Analyst, stated: “This earnings period has been about price momentum and whether consumers will be able to handle increasing costs.” He said, “So far it appears the consumer can handle them.”

So far roughly 30% of the S&P 500 has reported earnings. Eighty-two percent of the S&P 500’s names have published quarterly updates. 82% exceeded earnings forecasts, and 80% beat revenue expectations. The major averages have reached new heights thanks to strong results.

Ryan Detrick (chief market strategist, LPL Financial) stated that “we see signs” there may be additional gains in the second half of this year. We maintain our overweight equity recommendation because of the potential for fueling equities going into year-end.

On Wednesday, earnings are busy with Coca-Cola and McDonald’s as well as Boeing, General Motors, General Motors, Harley-Davidson, McDonald’s, McDonald’s and Bristol-Myers. Ford, Yum China, and eBay will post quarterly updates once the market closes.

Economically, U.S. durable good order data will come out Wednesday morning at 8:30 am. ET

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