A pedestrian passes the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Stock futures barely changed early Tuesday morning after the S&P 500 failed to hit a record again on Monday, a level set before the coronavirus crisis erupted.
The futures on the Dow Jones Industrial Average fell 8 points. S&P 500 futures and Nasdaq 100 futures traded in slightly positive territory.
The S&P 500 closed the session on Monday up 0.3%, just below its record high of 3,386.15 on February 19. The broad equity indicator has been flirting with its all-time high since last week.
"The markets lack a catalyst that markets can use to overcome technical resistance," said Mark Hackett, chief of investment research at Nationwide, in a note. "The S&P 500 has seen its best 100-day move in history, so it makes optimistic assumptions about economic recovery and fiscal stimulus. These factors must surprise upward to drive markets much higher."
The S&P 500 has rallied more than 50% from its low in March, driven by massive fiscal stimulus and better-than-feared earnings results. The tech-heavy Nasdaq Composite hit a new record high and intraday high on Monday, increasing its 2020 earnings to 24%.
The market is in a tight spot as hopes of a new coronavirus stimulus deal with lawmakers unwilling to break a stalemate have weakened. Democrats and Republicans are holding their respective nomination conventions this week and next.
Senate Republicans are planning to roll out a tight coronavirus relief plan that also includes $ 10 billion for the U.S. Postal Service, NBC News reported Monday night.
Meanwhile, US-China tensions still kept investors busy. The Trump administration announced on Monday that it would further tighten restrictions on Huawei to prevent the Chinese telecommunications giant from accessing commercially available chips.
Investors will monitor earnings from retail heavyweights Home Depot, Walmart and Kohl's on Tuesday before the bell to assess how the industry has dealt with the unprecedented disruption from the pandemic.
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