Traders operate on the floor of the New York Stock Exchange (NYSE) on September 22, 2021.
Brendan McDermid | Reuters
US stock futures were slightly higher in early morning trading Tuesday as investors await a series of key technology gains as the broader market hits record highs.
Dow futures only rose 37 points. S&P 500 futures and Nasdaq 100 futures both traded in positive territory as well.
Social media giant Facebook shares rose more than 1% in after-hours trading on Monday after the company beat analyst earnings expectations. Facebook failed to meet expectations for sales and monthly active users.
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The Dow Jones Industrial Average and S&P 500 closed at record highs on Monday. The Dow won 64 points. The S&P 500 gained 0.5%, helped by a 12% rally in Tesla stock as the electric automaker first hit a market cap of $ 1 trillion.
The Nasdaq Composite was the outperformer with a gain of 0.9%. The technology-centric average is around 1.1% from its record high.
Tech darlings Alphabet and Microsoft are reporting profits after the bell on Tuesday. Other important reports include 3M, Eli Lilly, General Electric, UPS and Visa. Microsoft cops are expecting a strong quarter for Microsoft supported by its important Azure business. Analysts expect Alphabet's earnings to be 43% higher year-over-year.
At the close of trading on Monday, 84% of the 117 were up Companies in the S&P 500 whose earnings exceeded expectations, according to Refinitiv. S&P 500 companies are expected to grow their profits by about 35% in the third quarter.
"The earnings season is off to another great start, but now is the big test of whether the big tech names will rise? With stocks at all-time highs, the bar is indeed pretty high and tech has to impress to justify current stocks." Levels, "said Ryan Detrick, chief financial strategist at LPL Financial.
Twitter, Hasbro, JetBlue, Lockheed Martin, Novartis, PulteGroup, Advanced Micro Devices, Chubb and Robinhood also reported quarterly earnings on Tuesday.
New home sales will be posted on Tuesday at 10:00 a.m. ET. Economists polled by Dow Jones expect home sales to jump 760,000 in September, up from 740,000 in August.