Stock index futures were heading higher on Tuesday, with the S&P 500 and Nasdaq Composite on track to continue building records as investors scrutinize a torrent of corporate earnings and brace for the results of the tech heavyweights. . Futures on the Dow Jones YM00 industrial average + 0.04% were up 27 points, or 0.1%, to 33,904. S&P 500 ES00 futures, + 0.10%, were up 5.10 points, or 0.1%, to 4,184.50. Nasdaq-100 NQ00 futures, + 0.14% gained 20 points, or 0.1%, to trade at 14,031.50. On Monday, stocks ended mostly higher, with tech-related stocks leading the move higher: the S&P 500 SPX, + 0.18%, rose 0.2% and eclipsed its previous closing high of April 16 and the Nasdaq Composite COMP. , + 0.87% jumped 0.9% to take it off its February 12 record. The Dow DJIA, -0.18% stumbled, down 0.2%.
What drives the market? Corporate results were in the limelight as one of the busiest weeks of the earnings season began, with electric carmaker Tesla Inc. TSLA, + 1.21% submitting its report Monday afternoon. Tech results will be in the spotlight, with gains for Microsoft Corp. MSFT, + 0.15% and Google parent Alphabet Inc. GOOG, + 0.49% GOOGL, + 0.43% after Tuesday’s closing bell. “The biggest threat to the positive trend in tech stocks is reflation trading, which would drive demand for cyclical stocks and move capital from tech stocks into value names,” said Ipek Ozkardeskaya, senior analyst at Swissquote. But it appears that the migration from growth to value is proceeding without too much damage to tech stocks for now, and some digital services, including the cloud business, will not be affected by the reflation issue, as the end of the pandemic will not. reverse the migration of our data storage to the clouds, “he said in a note. The Federal Reserve will kick off a two-day policy meeting on Tuesday that is expected to keep policymakers firm. Fed Chairman Jerome Powell is expected to maintain his stance that interest rates won’t start to rise until inflation surpasses the Fed’s 2% target. Read: Why the Fed’s Focus on Loans Hardest hit by pandemic matters to markets The economic calendar features the Case-Shiller Home Price Index for February at 9am ET. The reading of the consumer confidence index for April will take place at 10 a.m. M. What companies are in focus? Tesla shares fell more than 2% in premarket action after the Silicon Valley electric car maker reported first-quarter earnings above expectations but saw sales slightly off the mark. Shares of Lyft Inc. LYFT, -1.00% rose 1.8% after the private transportation company said Monday night that it would sell its autonomous vehicle division to a subsidiary of ToyotaTM, -0, 94% for $ 550 million in cash, calling the move a way to accelerate the development of autonomous driving technology. Shares of meme-favorite GameStop Corp. GME, + 11.74%, rose more than 7% in premarket stock after the video game retailer announced after the closing bell that it had completed its stock offering. “on the market” by selling an additional 3.5 million shares for approximately $ 551 million. Shares in pharmaceutical Eli Lilly & Co. LLY, -0.79% fell more than 5% after it posted weaker-than-expected first-quarter earnings and provided below-consensus guidance. United Parcel Service Inc. UPS, shares rose -1.76% after the package delivery giant posted first-quarter earnings and revenue well above expectations. 3M Co. MMM shares, -1.27%, rose 1.5% after the conglomerate reported first-quarter earnings and revenue that beat forecasts and affirmed its full-year outlook. General Electric Co. GE, shares of + 0.15% rose after the industrial conglomerate balanced to a loss in the first quarter, but reported adjusted earnings that beat expectations, while revenue fell short of expectations. Hasbro Inc. HAS, -0.13% of the stock rose 2% after the toy maker reported earnings that beat forecasts, while revenue fell short.