Stock market today: Dow, S&P 500, Nasdaq futures stall as investors eye earnings flood

view original post

US stock futures hit pause on Tuesday as Wall Street set aside the trade war and shutdown sagas to filter through the latest wave of quarterly results from the likes of General Motors (GM).

Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all hovered around the flatline. On Monday, stocks gained as Apple (AAPL) hit a new record high, boosting tech names.

Investors are focused on the flood of major earnings reports due this week, headlined on Tuesday by streaming giant Netflix (NFLX) and GM. The Big Three automaker’s stock jumped before the bell after GM raised its full-year profit outlook, while Coca-Cola (KO) popped as earnings topped estimates.

Later, investors will watch Netflix’s results due after market close for insights into its ad business and live programming after a volatile stretch for the streaming giant’s shares.

Worries about US-China trade tensions moved to the back burner even as the two countries prepared the ground for negotiations to resume. Trump signed an rare earths deal with Australia, a move aimed squarely at China. But the president said he expects to reach a “fair deal” when he meets his Chinese counterpart President Xi in South Korea next week.

Meanwhile, the government shutdown continues, now the third-longest federal work stoppage in US history. There are no plans in motion to end the closure, even as economic pressures mount.

That puts the spotlight on Federal Reserve speakers, with ears pricked for clues to the central bank’s thinking on interest rates ahead of its policy meeting next week.

Fed Governor Christopher Waller is scheduled to appear on Tuesday, in the runup to the Bureau of Labor Statistics finally releasing the September Consumer Price Index report on Friday. That inflation data could move the needle for markets, which are currently pricing in another quarter-point rate cut.

LIVE 8 updates