US stocks wobbled on Tuesday as investors weighed early reports on a marquee earnings day, with Big Tech results later in focus as potential fuel to sustain this year’s rally.
The S&P 500 (^GSPC) fell just below the flat line while the tech-heavy Nasdaq Composite (^IXIC) slipped more than 0.2%. The Dow Jones Industrial Average (^DJI) was down about 0.1%.
Investors are assessing earnings from General Motors (GM) and Coca-Cola (KO) out the gate early in Tuesday’s stream of high-profile quarterly reports. The wait is on for Alphabet (GOOGL, GOOG) and Tesla (TSLA) results due after the bell, with the market watching for signs of continuing growth from the first pair of the “Magnificent Seven” behemoths.
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A resurgence in tech stocks helped the S&P 500 and Nasdaq roar higher on monday, a rebound from the sharp falls last week that came amid a rotation away from the megacaps that have fueled this year’s rally.
The renewed tech focus comes as volatility around the US presidential election ebbed over the past two days. Vice President Kamala Harris is projected to have secured delegate backing to become the Democratic presidential nominee, helping settle any remaining nerves over President Joe Biden’s withdrawal from the race.
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