Finance News

Inventory futures stay unchanged in in a single day buying and selling as buyers keep watch over Massive Tech's testimony and the Fed's choice

Federal Reserve chairman Jerome Powell speaks at a Fed Listens event in Washington, DC on October 4, 2019.

Eric Baradat | AFP | Getty Images

Stock futures changed little in Tuesday's night trade as investors await Congress hearing on big tech antitrust law and the Federal Reserve's recent policy decision.

The futures on the Dow Jones Industrial Average only increased by 10 points. The S&P 500 futures remained unchanged and the Nasdaq 100 futures gained 0.2%.

The busiest week of corporate earnings continued after the bell on Tuesday. Starbucks posted a loss in the third quarter of the fiscal year, but the world's largest coffee chain raised its forecast for the current quarter and saw shares expand more than 5% in expanded trading.

Advanced Micro Devices' shares rose more than 9% after the chipmaker delivered better-than-expected quarterly earnings and an optimistic forecast for the year.

Investors will continue to rate Boeing, General Motors and General Electric results ahead of Wednesday's carillon, while Qualcomm and PayPal are among the companies to report after last Wednesday.

CEOs of Amazon, Apple, Facebook and Google parent alphabet will testify before the House's Subcommittee on Antitrust Law on Wednesday afternoon after a year-long investigation into their anti-competitive practices. Investors will seek insights into how big tech is dealing with antitrust challenges from regulators authorized to resolve them.

In the meantime, the Federal Reserve will close its two-day session on Wednesday and publish a statement at 2:00 p.m. ET. Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

The central bank is expected to keep interest rates close to zero to support the economy that is still struggling with the coronavirus pandemic. On Tuesday, the Fed announced plans to extend its emergency credit programs until the end of 2020.

"Markets continue to expect a very accommodative policy from the Fed and the Fed is unlikely to be disappointed at this meeting," said Schroders investment strategist Bill Callahan in an email. "Given the fact that we are still in the middle of the pandemic, the only question for investors is how reluctant the Fed will be."

In other news, Eastman Kodak increased nearly 40% in expanded retail Tuesday after President Donald Trump announced a deal to work with the photo pioneer to make generic ingredients.

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