Stock futures were trending lower in the pre-Tuesday trading session amid an action-packed earnings week.
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Futures on the Dow Jones Industrial Average (DJIA) were down 0.21%, while those on the S&P 500 (SPX) moved 0.16% lower, as of 5:26 a.m. EST, Tuesday. Meanwhile, the Nasdaq 100 (NDX) futures dropped 0.11%.
During the regular trading session on Monday, the Dow gained 0.7%, more than offsetting the losses incurred earlier that day. Meanwhile, the S&P 500 and Nasdaq 100 gained 0.57% and 1.32% respectively.
The highlight of Monday was Elon Musk’s victory to secure his much-sought-after purchase deal for Twitter. The social media microblogging company agreed to be taken private by Musk in exchange of $44 billion, sending its shares uphill by almost 6%.
Moreover, mega-cap companies like Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (FB) gained meaningfully ahead of their earnings announcements scheduled for Tuesday.
Experts are looking at a very optimistic market despite drawbacks like margin pressures. Moreover, nervousness around the Fed’s interest rate hikes is also showing signs of cooling down, at least until the next Fed meeting in May.
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