Stock futures opened little changed Monday evening after a record-setting session earlier in the day, with investors awaiting more corporate earnings results from major companies.
Contracts on the S&P 500 edged just above the flat line after the blue-chip index rose to an all-time high during the regular trading day. Dow and Nasdaq futures were little changed. Shares of Tesla (TSLA) fell in late trading after the company's first-quarter sales results missed estimates, though earnings and automobile gross margins exceeded expectations.
Earnings results will pick up on Tuesday with companies including Microsoft (MSFT), Alphabet (GOOGL) and Starbucks (SBUX) poised to report results. The Big Tech names reporting Tuesday and later this week especially are set to be closely watched, with these stocks having largely underperformed against the broader market for the year-to-date as 2020's tech and growth-led rally cooled and investors turned instead to cyclical and value shares.
"Except for Google, you get the FAANG stocks, and they've been dead money for 7, 8, 9 months now," Matt Maley, managing director and chief market strategist at Miller Tabak, told Yahoo Finance on Monday. "We're seeing Facebook trying to break out, Amazon finally trying to get to the top end of its range, Netflix last week couldn't break out, so that was a disappointment. So if those things could finally pick up, that would be positive [for stocks]."