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U.S. stock index futures were little changed on Tuesday following recent bouts of volatility, as investors prepared for a heavy week of quarterly earnings that could shape near-term market direction.
At 05:45 ET (10:45 GMT), Dow Jones futures slipped 15 points, or 0.1%, while S&P 500 futures edged 0.2% higher and Nasdaq 100 futures rose 0.4%.
Wall Street’s main indexes closed higher in a choppy session on Monday, with the Dow Jones Industrial Average climbing more than 500 points, or over 1%, as a rally in AI-related chipmakers helped lift sentiment.
Earnings season gathers pace
More than 100 companies in the S&P 500 are set to report results this week, making earnings the dominant driver for markets in the days ahead.
Advanced Micro Devices (NASDAQ:AMD) is due to report after the close on Tuesday, with investors closely watching commentary on demand for its AI-focused chips. Alphabet (NASDAQ:GOOGL) follows on Wednesday, while Amazon (NASDAQ:AMZN) reports on Thursday, placing advertising trends, cloud growth and consumer spending firmly in focus.
The packed schedule comes after a mixed market reaction to Microsoft’s earnings last week. Although results were solid, concerns around cloud growth momentum and heavy AI investment sparked profit-taking, underscoring investor sensitivity to the pace of returns on AI spending.
After Monday’s close, Palantir Technologies (NASDAQ:PLTR) jumped after delivering results that beat expectations, supported by strong demand for its AI-driven platforms across government and commercial clients.
Other companies reporting Tuesday include PayPal (NASDAQ:PYPL), Pfizer (NYSE:PFE) and Marathon Petroleum (NYSE:MPC).
In corporate news, Elon Musk’s SpaceX has acquired xAI in a deal valuing the combined entity at $1.25 trillion, highlighting Musk’s push to consolidate influence across space, AI and advanced technology. SpaceX remains a candidate for a potential IPO as early as this year, while xAI was valued at $230 billion in a January funding round.
Trade deal with India supports sentiment
Market sentiment was also buoyed by news that the Trump administration has struck a trade deal with India, cutting tariffs on Indian goods to 18% from 50%. The agreement followed months of negotiations and is seen as a step toward normalising trade relations.
Analysts at Bank of America Securities said the deal reduces policy uncertainty and could encourage capital expenditure, foreign direct investment and private credit growth by giving companies greater visibility on export demand and pricing.
Jobs data delayed amid shutdown
Beyond earnings, investors are monitoring developments in Washington as lawmakers seek to resolve a partial U.S. government shutdown. The Bureau of Labor Statistics confirmed that the January U.S. jobs report, originally scheduled for Friday, has been delayed due to the funding lapse, with other labor market releases also postponed.
The delay adds uncertainty for markets trying to gauge the outlook for interest rates and Federal Reserve policy.
Gold stabilizes, oil edges higher
In commodities, gold prices rebounded after two days of sharp losses, helping calm investor nerves. Spot gold jumped 5.5% to $4,918.18 an ounce, while April gold futures rose 6.1% to $4,937.46/oz, after plunging as low as $4,400 earlier this week.
Oil prices also edged higher after recent declines, as easing U.S.-Iran tensions reduced some geopolitical risk premium. Brent crude rose 0.1% to $66.36 a barrel, while U.S. WTI gained 0.2% to $62.27. The benchmarks had fallen more than 4% in the previous session after President Trump signaled possible de-escalation with Iran, with nuclear talks expected to resume later this week in Turkey.
