US stock futures fell on Tuesday as tech conglomerates were set to highlight a busy earnings week.
S&P 500 futures (^GSPC) were down 0.44%, while the Dow Jones Industrial Average (^DJI) was down 0.27%. Futures related to the technology-heavy Nasdaq Composite (^IXIC) fell 0.38%.
Bond yields fell. The yield on the 10-year note fell to 3.44%, while the yield on the two-year rate-sensitive note also fell to 4.05% Tuesday morning.
Wall Street is focused on big tech results, especially given the sector’s outsized impact on the broader market’s gains so far this year. Alphabet (GOOGL) and Microsoft (MSFT) are scheduled to report after the bell. Alphabet stock is up 20.1% this year while Microsoft has gained more than 17.5%.
Amazon (AMZN) and Meta (META) earnings will be released later this week.
Positive earnings surprises were largely in line with Wall Street expectations, with about 60% of companies outperforming sales and 70% topping earnings estimates, just below their long-term averages. According to UBS.
Another focal point for Wall Street will be the energy market, as some of the biggest players report earnings over the weekend, including Exxon (XOM), Chevron (CVX), Valero (VLO) and TotalEnergies SE (TTE).
In individual stock movements, shares of PepsiCo, Inc. rose. (PEP) after the company raised its full-year earnings guidance after it outperformed its earnings in the first three months of this year, which was boosted by resilient demand and rising prices.
Shares of General Electric (GE) rose Tuesday morning after the manufacturer reported first-quarter revenue that jumped 25% in its aerospace business.
Shares of General Motors (GM) jumped after the automaker reported optimistic forecasts that indicated the industry’s pricing power would run out.
Shares of 3M (MMM) rose after the company announced its restructuring plan that will affect 6,000 centers globally.
Stocks closed mixed on Monday as banks kicked off the latest earnings after a turbulent first quarter for the sector. The highlight is First Republic Bank (FRC), which rose 12% on Monday before the regional bank reported a net loss of $72 billion in deposits for the first three months of this year. Its stock fell more than 20% in pre-market trading on Tuesday.
Danny Romero is a reporter at Yahoo Finance. Follow her on Twitter @tweet
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