Traders work on the floor of the New York Stock Exchange.
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Futures linked to the S&P 500 were flat Tuesday night as traders awaited quarterly earnings from four of the “Magnificent Seven” stocks, as well as the conclusion of what could be Jerome Powell’s final policy meeting as Federal Reserve chair.
S&P 500 futures added 0.1%, while Nasdaq 100 futures rose 0.2%. Futures tied to the Dow Jones Industrial Average advanced 63 points, or 0.1%.
The biggest after-hours movers included Starbucks, which jumped 5% after raising its full-year outlook. Shares of Robinhood fell 9% after its first-quarter results fell short of expectations. Both Seagate Technology and NXP Semiconductors popped about 16% after posting earnings beats and sharing positive revenue guidance.
In Tuesday’s regular session, the S&P 500 and Nasdaq Composite both retreated from their records. The broad market index shed 0.49%, while the tech-heavy Nasdaq gave up 0.9%. The blue-chip Dow lost 25.86 points, or 0.05%.
Stocks were led lower by losses in the technology sector that came after a The Wall Street Journal reported that OpenAI recently missed its own revenue and user growth targets. Tech giant Oracle, which has a $300 billion, five-year partnership to supply computing power to OpenAI, slid 4%, while chip giants Broadcom and Nvidia fell 4% and more than 1%, respectively.
Four of the “Magnificent Seven” tech titans are on the docket to report their earnings after Wednesday’s closing bell: Alphabet, Amazon, Meta Platforms and Microsoft. Investors have high expectations for these company to show the revenue that will justify the capital they have spent on artificial intelligence investments.
“These companies, last time they reported, they increased full-year capex — just those four companies — by $94 billion. Let’s see what they say tomorrow,” said Steven Wieting, chief investment strategist at CIO Group, on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon.
Wednesday will also see the conclusion of the April Fed policy meeting, which will likely be Fed Chair Powell’s last before his term ends in May. Kevin Warsh, Powell’s successor, appears on track to take the helm at the central bank. The market does not expect the Fed to make any adjustments to the current federal funds rate.
Wheat prices reach nearly two-year high, up 11% since start of Iran war
July wheat futures climbed to a high of $6.595 a bushel Tuesday, the highest since June 2024, bringing the gain since the start of the war with Iran to more than 11%. In April alone, wheat futures are ahead 6.8%, extending the year-to-date advance to 29.8% and on track to rise for a fourth straight month.
Wheat ETF (WEAT) in 2026
The National Association of Wheat Growers said major wheat-producing states are challenged by dry weather and recent USDA reports reflect a worsening outlook. Conditions have steadily declined in recent weeks, the farmers said.
July corn futures are higher by nearly 4% in April, up 6% since the start of the Iran war and up 8% since the start of the year.
— Gina Francolla and Scott Schnipper
Stocks making the biggest moves after the bell: Starbucks, Robinhood and more
These are the stocks moving the most in after-hours trading:
- Starbucks — The coffee chain jumped nearly 5% after Starbucks raised its full-year outlook.
- Robinhood — The maker of the trading app saw shares tumble about 9% after first-quarter results fell short of expectations.
- Visa — The credit card payment giant saw shares rise almost 5%. Second-quarter adjusted earnings of $3.31 per share and revenue of $11.23 billion surpassed analysts’ expectations.
Read the full list of stocks moving here.
— Lisa Kailai Han
