Stock futures are little changed after S&P 500 ends three-day decline: Live updates
Stock futures hovered near the flatline Tuesday evening after the S&P 500 rebounded from a rough start to the week.
S&P 500 futures inched down by 0.05%, while Nasdaq 100 futures slipped 0.02%. Futures tied to the Dow Jones Industrial Average ticked lower by 0.1%.
In after-hours action, FedEx popped 15% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Electric vehicle manufacturer Rivian Automotive soared 30% after Volkswagen announced it would invest up to $5 billion in the company.
In Tuesday's regular trading, both the S&P 500 and the Nasdaq Composite ended three days of declines, buoyed by a bounce in Nvidia shares. The 30-stock Dow was the laggard of the three major averages, sliding nearly 300 points.
Nvidia's jump of nearly 7% on Tuesday also marked its first positive session after three days of losses. The artificial intelligence darling's market cap gives it tremendous sway over the S&P 500, and its 154% surge in 2024 has raised concerns over a lack of breadth in this year's rally.
"We still think its too early to write off the rest of the market in favor of the large cap tech and Nvidia especially," Bespoke Investment Group co-founder Paul Hickey told CNBC's "Closing Bell: Overtime" on Tuesday. "We look for the market to broaden out, but its not necessarily a binary choice between megacaps and smaller caps, but more bias going forward to looking at these other companies in the S&P 500."
Wall Street will shift its attention toward fresh inflation data on Friday with the release of May's personal consumption expenditures price index. The Federal Reserve keeps a close eye on this metric, its preferred inflation gauge, and investors remain hopeful for the prospect of rate cuts.
Quarterly results from General Mills and Paychex are due Wednesday morning. Micron Technology will report earnings that afternoon.
Stock futures are little changed
Stock futures were little changed on Tuesday, following the S&P 500's rebound from a three-session slide.
Futures tied to the broad market index ticked down 0.06%. Nasdaq 100 futures pulled back 0.02%, while Dow Jones Industrial Average futures slipped 62 points, or 0.1%.
— Brian Evans