- Dow Jones futures remained steady after hours, with S&P 500 futures and Nasdaq futures showing little change.
- Notable earnings reports included Coupang (CPNG), Arista Networks (ANET), and recent IPOs Reddit (RDDT) and Astera Labs (ALAB).
- The stock market rally was narrowly mixed on Tuesday, with Palantir (PLTR) and Datadog (DDOG) weighing on software plays.
Stock market rally holds steady as Dow Jones futures remain unchanged. Notable earnings reports from Coupang, Arista Networks, Reddit, and Astera Labs provide insights into the market’s current state.
Dow Jones Futures Today
Dow Jones futures remained steady against fair value. S&P 500 futures and Nasdaq 100 futures edged higher. However, it’s important to note that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Stock Market Rally
The stock market rally was relatively quiet on Tuesday, with the major indexes holding onto recent gains. The Dow Jones Industrial Average rose 0.1% in Tuesday’s stock market trading. The S&P 500 index climbed 0.1%. The Nasdaq composite fell 0.1%. Market breadth remained positive.
Key Earnings
Arista Networks earnings beat with the networking firm guiding up slightly amid strong AI demand. Arista also set a $1.2 billion buyback. ANET stock leapt in overnight action, signaling a gap above the 50-day line and above a trendline early entry. Shares fell 1.7% on Tuesday to 273.99, hitting resistance below the 50-day. Arista stock has a 307.74 consolidation buy point.
Nvidia Stock
Nvidia stock fell 1.7% to 905.54 after running up nearly 11% in the prior three sessions. Shares slid more than 3% Tuesday morning, after Stanley Druckenmiller said he slashed his stake in the tech titan in late March and said AI may be overhyped in the short run. NVDA stock has a 974 consolidation buy point, according to MarketSurge. A pause here could be constructive, letting a handle form.
Conclusion
Despite a quiet rally on Tuesday, the stock market remains solid with the major indexes pausing amid positive breadth. Investors can maintain modest exposure, gradually adding positions if the market continues to work. As earnings season continues, it’s crucial to keep a close eye on leading stocks from a variety of sectors.
