US stocks marked time before the bell on Tuesday as Wall Street geared up for the next wave of corporate results, with General Motors and Netflix (NFLX) highlighting the docket.
Dow Jones Industrial Average futures (YM=F) slipped 0.2%, while S&P 500 futures (ES=F) nudged down 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also edged down 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 streaming giant’s stock. For automaker 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 tensions may be easing. President Trump signed an rare earths deal with Australia, a move aimed squarely at China. Trump said he expects to reach a “fair deal” with Chinese President Xi Jinping when they meet in South Korea next week.
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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