U.S. stock futures were little changed Tuesday after a solid session the prior day, as traders awaited quarterly reports from major U.S. retailers.
Dow Jones Industrial Average futures dipped 26 points, or 0.1%. S&P 500 futures slipped 0.2% along with Nasdaq 100 futures.
Walmart are slated to post results later this morning. Investors will parse through those results in search of clues on how consumers are grappling with decades-high inflation. Target and Lowe’s will report quarterly results Wednesday.
Home Depot reported earlier in the morning, with earnings beating expectations and the home-improvement store maintaining its 2022 guidance.
Shares of ZipRecruiter slipped more than 5% after the company lowered its revenue outlook.
Monday’s session featured a sharp turnaround for the market. At the start of the trading day, energy and financials initially dragged markets down following weak economic reports from China and news that the country’s central bank had unexpectedly cut interest rates. Later in the day, markets rebounded and went positive when consumer staples, communication services and consumer discretionary stocks rallied.
Still, some see the recent gains as a bear market rally instead of the start of a new bull cycle.
“I think people are not being sensitive enough to this economic slowdown and what it’s going to mean for corporate earnings and profit margins,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said on CNBC’s “Fast Money.”
