US stock futures climbed Tuesday evening as investors braced for a wave of Big Tech earnings and the outcome of a closely watched Federal Reserve meeting that could mark the final one led by Chair Jerome Powell.
Futures tied to the S&P 500 (ES=F) edged up 0.1%, while Nasdaq 100 futures (NQ=F) gained 0.1%. Dow Jones Industrial Average futures (YM=F) rose by about 0.2%.
During Tuesday’s regular session, major indexes pulled back from recent highs. The S&P 500 (^GSPC) fell 0.5%, while the Nasdaq Composite (^IXIC) slid 0.9%. The Dow Jones Industrial Average (^DJI) dipped slightly.
After-hours trading saw sharp moves in several notable names. Starbucks (SBUX) surged 5% after lifting its full-year forecast, while Robinhood (HOOD) dropped 8% on weaker-than-expected quarterly results.
Technology stocks led the decline following a report by The Wall Street Journal that OpenAI missed internal targets for revenue and user growth. Oracle (ORCL) fell 4%, while chipmakers Broadcom (AVGO) and Nvidia (NVDA) dropped 4% and more than 1%, respectively.
Attention now turns to earnings from four members of the “Magnificent Seven”: Alphabet (GOOG), Amazon (AMZN), Meta (META) and Microsoft (MSFT), all set to report after Wednesday’s close. Investors are looking for evidence that heavy spending on artificial intelligence is translating into meaningful revenue growth.
Markets are also focused on the conclusion of the Fed’s April policy meeting. While no change to interest rates is expected, the meeting could be Powell’s final before his term ends in May.