Finance News

Inventory futures stay unchanged after the S&P 500 hit a brand new file

U.S. stock futures were unchanged overnight Tuesday after the S&P 500 hit its all-time high, undoing any losses from the coronavirus sell-off.

Dow futures rose 18 points. The S&P 500 and Nasdaq 100 futures gained 0.04% and 0.05%, respectively.

On Tuesday, the S&P 500 rose to its all-time high, recovering all losses related to the index's coronavirus. The average of 500 shares rose 0.2% to a record close of 3,389.78. It also traded above its February 19 intraday record of 3,393.52 at the start of the trading day. The S&P has rallied more than 54% from its March low, ending the shortest bear market in US history.

"Market gains were led by the mega-cap technology names that are typical of Nasdaq, with value stocks, small-cap stocks, overseas developed and emerging markets lagging well," said Marc Odo, portfolio manager at Swan Global Investments , across from CNBC.

The Nasdaq Composite also hit a record Tuesday after gaining 0.7%, helped by a 4% gain on Amazon and a gain of nearly 2% on Netflix. The Dow Jones Industrial Average fell 66 points.

"Reaching a new all-time high may be a quickly forgotten surge in speed in a sustained new bull market, but if it's not exceeded significantly in the coming weeks it could also prove to be a nagging glass ceiling that will truly keep fears going is just a big one Bear market rally, "Jim Paulsen, chief investment strategist at Leuthold Group, told CNBC. "Bulls must wonder if the stock market can finally outperform fundamentals while bears are forced to wonder if they are underweight in what may be the start of a new bull market."

Despite better-than-expected quarterly results from Walmart and Home Depot, retailer stocks saw the largest average gains on Tuesday. Kohls fell more than 14% after the company offered a bleak outlook ahead of the all-important Christmas season.

Retail profits continue on Wednesday, with big box retailer Target and home improvement company Lowe reporting before the opening bell. TJX Companies also reported on Wednesday morning. Closely watched chip share Nvidia reports quarterly results after market close on Wednesday.

Investors still have their eyes on a second coronavirus stimulus bill from Washington. Treasury Secretary Steven Mnuchin criticized Democratic leaders for being persistent and unwilling to discuss a smaller aid package on Tuesday. However, Politico reported that House spokeswoman Nancy Pelosi was ready to cut some demands in order to reach an agreement on the bill.

The Federal Open Market Committee will publish its minutes of its June meeting on Wednesday at 2 p.m. ET.

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