Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on July 18, 2025, in New York City.
Angela Weiss | AFP | Getty Images
Stock futures were little changed on Monday night after the S&P 500 and Nasdaq Composite hit fresh records.
Futures tied to the Dow Jones Industrial Average 40 points, or nearly 0.1%. S&P 500 futures added 0.05%, while Nasdaq 100 futures gained 0.01%.
In the previous session, the S&P 500 rose about 0.1% and the Nasdaq Composite advanced nearly 0.4%. Both indexes hit new all-time intraday highs and closed at records, aided by a pre-earnings jump in Alphabet. The Dow underperformed and ended the day marginally lower.
Investors are turning to a big week for second-quarter financial results. So far, more than 60 S&P 500 companies have reported, with more than 85% of those topping analysts’ estimates, according to FactSet data. Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to artificial intelligence.
Philip Morris International, Coca-Cola and Lockheed Martin are just a few of the companies on deck to report earnings results on Tuesday. Google parent Alphabet and Tesla will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The mega-cap tech companies are expected to contribute to a significant amount of earnings growth this season.
Given the recent rally in stocks, investors are watching for how far the market can run, with some commenting that valuations already appear stretched. Cetera Investment Management chief investment officer Gene Goldman said that “much of the good news appears to be priced in, leaving little margin for error.”
“Markets may have rallied too far, too fast,” Goldman added. “After dipping after ‘liberation day’ to 4,982, the S&P bounced back sharply, in fact – the recovery has been the fastest in nearly 50 years even as 2025 earnings expectations were nearly halved.”
On the economic front, traders will be monitoring Federal Reserve Chairman Jerome Powell’s comments at an event in Washington on Tuesday morning.
