Stock Futures Flat After Dow Hits Fresh Record High

U.S. stock futures were little changed on Tuesday evening after the Dow Jones Industrial Average closed at a new all-time high, signaling cautious optimism among investors as they await key economic data later this week.

Dow futures slipped about 0.1%, while S&P 500 futures and Nasdaq 100 futures also edged lower by roughly the same margin, reflecting a pause after two consecutive days of gains.

The Dow ended Monday up 0.04%, marking fresh intraday and closing records. The S&P 500 gained around 0.5%, while the Nasdaq Composite jumped 0.9%, led by a renewed rally in technology stocks.

Tech rebound supports broader market

Technology shares extended their recovery, building on Friday’s comeback and easing concerns that last week’s sell-off in megacap software stocks could derail the broader uptrend. From a technical perspective, investors drew encouragement as the S&P 500 reclaimed levels above its 50-day and 100-day moving averages.

Market participants say the recovery suggests underlying strength, even if volatility persists.

“We don’t think it’s going to be a clean trade,” Sonali Basak, chief investment strategist at iCapital, said on CNBC’s Closing Bell. “It will be choppy, you have to be selective, but there will be winners through this.”

Earnings and data in focus

Attention now turns to the next round of corporate earnings. Coca-Cola is set to report results before the market opens on Tuesday, while Hasbro and Spotify are also scheduled to release earnings.

On the macro front, investors are bracing for a busy week of economic indicators. December retail sales data is due Tuesday morning, followed by the closely watched U.S. jobs report on Wednesday and the consumer price index (CPI) on Friday.

Economists expect retail sales to rise 0.4% in December, slightly below the previous month’s 0.6% gain. Excluding autos, sales are forecast to increase by 0.3%.

After-hours movers

Several stocks made notable moves after hours. ON Semiconductor shares fell nearly 6% after fourth-quarter revenue narrowly missed expectations, despite earnings beating forecasts. Upwork plunged more than 20% after reporting a decline in active clients and issuing weaker-than-expected revenue guidance for the current quarter.

With major data releases and earnings ahead, traders appear content to stay cautious for now, even as record highs underscore the market’s resilience.