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Stock futures are little changed after the Dow posts new record close
U.S. stock futures were little changed Monday night after the Dow Jones Industrial Average closed at a fresh record. Dow futures fell 43 points (less than 0.1%), while S&P 500 and Nasdaq 100 futures dipped under 0.1%. Asia-Pacific markets opened broadly higher Tuesday, with Japan’s Nikkei 225 gaining over 1.41%, South Korea’s Kospi up 1.17%, and Australia’s S&P/ASX 200 flat. In after-hours trading Monday, AeroVironment surged 19% after reporting fiscal fourth-quarter adjusted earnings of $1.84 per share on revenue of $642 million, beating analyst estimates of $1.46 per share and $559 million in revenue (LSEG). During Monday’s regular session, stocks rallied as a pause in hostilities between the U.S. and Iran lifted sentiment. The S&P 500 rose 1.18%, the Nasdaq Composite gained 2.07%, and the Dow jumped 306.63 points (0.59%) to close above 52,000 for the first time. The blue-chip index was boosted by Alphabet’s nearly 5% gain in its first trading day as a Dow member. Julian Emanuel, senior managing director at Evercore ISI, said on CNBC’s “Power Lunch” that sentiment is not terribly positive, which is a good setup into earnings. He expects broadening into large-cap tech during earnings season, noting the “Magnificent Seven” may be favorably positioned after being “left for dead.” On Sunday, the U.S. and Iran agreed to halt attacks and allow commercial vessels through the Strait of Hormuz, with a U.S. official stating “both sides will stand down for now.” On Tuesday morning, traders will monitor May’s JOLTS job openings, June’s Chicago PMI, and consumer confidence data.