Stock futures were little changed on Monday night after the S&P 500 and Nasdaq Composite hit fresh records.
Futures tied to the Dow Jones Industrial Average 40 points, or nearly 0.1%. S&P 500 futures added 0.05%, while Nasdaq 100 futures gained 0.01%.
In the previous session, the S&P 500 rose about 0.1% and the Nasdaq Composite advanced nearly 0.4%. Both indexes hit new all-time intraday highs and closed at records, aided by a pre-earnings jump in Alphabet. The Dow underperformed and ended the day marginally lower.
Investors are turning to a big week for second-quarter financial results. So far, more than 60 S&P 500 companies have reported, with more than 85% of those topping analysts’ estimates, according to FactSet data. Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to artificial intelligence.
Philip Morris International, Coca-Cola and Lockheed Martin are just a few of the companies on deck to report earnings results on Tuesday. Google parent Alphabet and Tesla will report Wednesday, kicking off highly anticipated results from the “Magnificent Seven” companies. The mega-cap tech companies are expected to contribute to a significant amount of earnings growth this season.
Given the recent rally in stocks, investors are watching for how far the market can run, with some commenting that valuations already appear stretched. Cetera Investment Management chief investment officer Gene Goldman said that “much of the good news appears to be priced in, leaving little margin for error.”
“Markets may have rallied too far, too fast,” Goldman added. “After dipping after ‘liberation day’ to 4,982, the S&P bounced back sharply, in fact – the recovery has been the fastest in nearly 50 years even as 2025 earnings expectations were nearly halved.”
On the economic front, traders will be monitoring Federal Reserve Chairman Jerome Powell’s comments at an event in Washington on Tuesday morning.
Semafor reports Goldman Sachs is hunting for acquisitions, Northern Trust shares jump
Goldman Sachs CEO David Solomon held talks about a $25 billion takeover of wealth management firm Northern Trust earlier this year and almost closed a $6 billion deal for Cliffwater, Semafor reported on Monday evening, citing people familiar with the matter. Shares of Northern Trust jumped more than 4% on the report.
According to Semafor’s report, Goldman has also looked into deals related to low-fee ETFs, where the firm has struggled to grow. The firm’s push into these areas comes after its failed consumer banking ambitions.
Shares of Goldman are up more than 23% this year.
— Pia Singh
NXP Semiconductors, Steel Dynamics moving on earnings results
Take a look at companies making moves after Monday’s close:
- NXP Semiconductors saw shares fall more than 5% after the company reported a decline in sales for the second quarter, hurt by slow demand in the automotive market. NXP still beat on top and bottom lines, however. The company posted adjusted earnings of $2.72 per share on revenue of $2.93 billion. Analysts polled by LSEG expected earnings of $2.67 per share on revenue of $2.90 billion.
- Steel Dynamics posted lackluster financial results for its second quarter, leading shares down by roughly 3.4%. The company reported earnings of $2.01 per share on revenues of $4.57 billion. Analysts polled by LSEG called for earnings of $2.10 per share and revenue of $4.76 billion.
- Shares of regional bank Zions Bancorp rose 2.4%. Zions posted second-quarter earnings of $1.63 per share, exceeding analysts’ consensus estimate of $1.31 per share, per LSEG. Zions’ CEO Harris Simmons said, “We’re incrementally more optimistic about growth in the back half of the year than we’d previously been.”
— Pia Singh
Stock futures open little changed Monday evening
Shortly after 6 p.m. ET, futures tied to the Dow Jones Industrial Average climbed 53 points, or about 0.1%. S&P 500 futures and Nasdaq 100 futures opened slightly above the flatline.
— Pia Singh