U.S. equity futures were little changed on Tuesday, as markets weighed a recent rebound in technology stocks against a heavy flow of corporate earnings and closely watched U.S. economic data due later in the week. Results are expected from several large companies, including CVS Health (NYSE:CVS) and Coca-Cola (NYSE:KO). Elsewhere, Japan’s Nikkei climbed to a fresh record high, while gold prices edged lower.
Futures pause after tech-driven rally
Stock futures in the United States hovered near unchanged levels, pointing to a cautious start to trading after technology shares led gains in the previous session.
At 03:04 ET, futures on the Dow Jones Industrial Average and the S&P 500 were broadly flat, while Nasdaq 100 futures slipped by 18 points, or 0.1%.
Wall Street’s main indices advanced on Monday, extending gains from the end of last week as investor appetite returned to technology names benefiting from the rapid expansion of artificial intelligence and data-centre infrastructure.
Sentiment was further boosted by a CNBC report that OpenAI chief executive Sam Altman told employees that ChatGPT had resumed growth. The update strengthened confidence in a company seen as a key hub in the AI ecosystem. Analysts at Vital Knowledge said optimism around OpenAI also prompted DA Davidson to upgrade its view on Oracle (NYSE:ORCL), which has a $300bn data-centre agreement with the ChatGPT developer.
By the close, the Nasdaq Composite had risen 0.9%, leaving it just shy of record territory, while the S&P 500 also finished close to all-time highs.
Earnings season gathers momentum
A busy earnings calendar is set to drive markets on Tuesday, as investors look for fresh insight into corporate performance at the start of 2026.
Before the opening bell, reports are due from Marriott International (NASDAQ:MAR), Spotify (NYSE:SPOT), CVS Health and Coca-Cola. Gilead Sciences (NASDAQ:GILD) is scheduled to publish its results after the market close.
In after-hours trading, shares of Onsemi (NASDAQ:ON) fell after the semiconductor group posted weaker-than-expected fourth-quarter revenue, citing a lingering inventory overhang. Customers continue to draw down chip stockpiles built up during earlier supply-chain disruptions.
Onsemi also pointed to headwinds for its silicon carbide business from slowing electric vehicle demand and intensifying competition from China. Its midpoint sales outlook for the current quarter came in below Wall Street expectations.
U.S. retail sales in the spotlight
On the macro side, attention is turning to December U.S. retail sales data.
Consumer spending accounts for more than two-thirds of U.S. economic output and was a major contributor to the 4.4% annualised GDP growth recorded in the third quarter.
Core retail sales, which exclude autos, fuel, building materials and food services and closely track the consumer component of GDP, are expected to rise by 0.3% in December, slowing from a 0.5% increase in November.
Some analysts have flagged a cooling labour market as a potential drag on spending, although Federal Reserve officials described employment conditions as “stabilizing” in January. Analysts at ING said the data should still point to “reasonably healthy” growth and support the view that “the U.S. consumer is alive and well.”
Nikkei hits record on “Takaichi trade”
Asian equities extended gains on Tuesday, led by Japan, where the Nikkei index reached a new all-time high as investors embraced the so-called “Takaichi trade” following Prime Minister Sanae Takaichi’s decisive election victory over the weekend.
Markets expect Takaichi’s policy agenda to favour growth, investment and corporate profitability, reinforcing optimism around pro-business reforms, fiscal support and measures aimed at boosting innovation and strategic industries.
Gold eases as caution prevails
Gold prices slipped on Tuesday, giving back some of Monday’s gains as markets remained cautious ahead of several key U.S. economic releases.
Silver and platinum also edged lower. Precious metals have seen sharp swings over the past week as profit-taking and stretched positioning pulled prices back from record highs.
Safe-haven demand for gold was further tempered by mixed signals in U.S.-Iran relations. While both sides reported progress in weekend talks on Iran’s nuclear programme, Washington nevertheless issued a warning to U.S.-flagged vessels transiting the Strait of Hormuz.
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