Stock market today: Dow, S&P 500, Nasdaq futures mixed as AI trade rebound stalls
US stock futures were mixed on Tuesday as chip stocks came under pressure and investors turned their focus to a slew of earnings out this week.
Futures for Dow Jones Industrial Average (^YM=F) rose 0.1%, while the S&P 500 (^ES=F) dropped 0.1%. Contracts for the Nasdaq 100 (^NQ=F) declined 0.5% after the major averages closed mixed on Monday as tech stocks rebounded.
A recent buy-the-dip rally in AI stocks stalled after Elice (0158S0.KQ), a South Korean data center provider, made its public debut in Seoul. The neocloud stock fell 32% on its first day of trading, underscoring lingering concerns about the health of the AI trade.
Investors will turn their attention to a fresh round of corporate earnings this week, with General Motors (GM) scheduled to report before the market opens on Tuesday, and United Airlines (UAL) after the close.
Streaming giant Netflix (NFLX) will report quarterly earnings after the bell on Tuesday. EV maker Tesla (TSLA) and social media giant Meta (META) are expected to post results on Wednesday.
On the economic front, investors will get a read on housing starts and pending home sales data on Tuesday for further insight into the health of the real estate market.
Oil prices were steady with Brent crude futures (BZ=F) at $109 per barrel. West Texas Intermediate crude (CL=F) traded near $98.
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