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Before several mega-cap tech companies released their quarterly earnings reports on Monday morning, stock futures were unchanged in overnight trading.
The Dow Jones Industrial Average futures increased 7 points, or 0.02%. Both Nasdaq 100 and S&P 500 futures are trading relatively flat.
After the market closed on Monday, Tesla shares increased due to better-than-expected second-quarter earnings. For the first time, the electric car manufacturer’s quarterly net profit exceeded $1 billion.
After five days of increases, the major US moving averages completed normal trading on Monday at a new high. 82.76 points, or 0.24%, were added to the Dow. Additionally, the tech-heavy Nasdaq Composite closed up 0.03%, while the S&P 500 increased by 0.24%.
“It appears that these companies are reporting rather strong earnings, which should help the market a little. Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments, said:
The second-quarter earnings season continues, with Google’s parent company Alphabet, Microsoft and Apple all scheduled to announce earnings after the market closes on Tuesday.
Given that Apple has been consolidating for a while, Fernandez said, “this might be a wonderful opportunity to see some movement.”
On Tuesday, reports from JetBlue, UPS, General Electric, and Starbucks are also expected.
The Federal Reserve’s two-day monetary policy meeting is also scheduled to start on Tuesday. Investors are eager to learn more about central bank monetary policy. Following its meeting on Wednesday, the Federal Open Market Committee and its board of directors are anticipated to release a statement.