Dow Jones Today: Stock Futures Lower as Investors Digest Flurry of Earnings Reports

Major U.S. stock indexes opened lower on Tuesday as investors digested a slew of quarterly earnings reports from major companies. 

The Dow Jones Industrial Average and S&P 500 were down 0.4% and 0.3%, respectively, while the Nasdaq Composite fell 0.1%. The Dow and S&P 500, which entered the week at record high levels, fell on Monday, while the tech-heavy Nasdaq finished in positive territory as AI investor darling Nvidia (NVDA) soared to a record high.

Nvidia shares were up slightly in early trading Tuesday as the company gets closer to overtaking Apple (AAPL), which was down about 1.3%, as the world’s most valuable company by market capitalization. Other large-cap technology stocks, including Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META), were gaining ground.

Among the stocks on the move after companies released quarterly results, GE Aerospace (GE) was down 8%, Verizon (VZ) dropped 4% and 3M (MMM) fell 1%, while General Motors (GM) added about 8%.

The economic data calendar is quiet on Tuesday ahead of reports on housing, the labor market and consumer sentiment later in the week. Investors are closely monitoring economic data and remarks from Federal Reserve officials for indications that the economy remains on sound footing and that the central bank is poised to continue cutting interest rates.

The yield on 10-year Treausurys, which is sensitive to expectations around interest rates, was down slightly at 4.17% early Tuesday, after surging yesterday to their highest level since late July.

Gold futures were up slightly at around $2,750 an ounce, as the precious metal continues to trade at record-high levels. Crude oil futures were up about 2%, continuing to recover from last week’s steep losses. Bitcoin was little changed at around $67,300.