Traders at the New York Stock Exchange (NYSE), today, Wednesday, April 21, 2021.
Stock futures were little changed after major averages ended the previous session at record closing highs and ahead of a busy week of earnings reporting from tech’s biggest hitters.
The Dow Jones Industrial Average was down 4 points, or 0.01%. The S&P 500 and Nasdaq 100 futures contracts rose 0.01% and 0.07% respectively.
In the previous session, the Dow Jones jumped 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite climbed 1.04% to 14,836.99.
The top three averages hit record closing highs last week after markets fell earlier in the week over concerns about the spread of the delta variant of Covid and how it could potentially hamper economic recovery. Uncertainty briefly lowered bond yields and investors jumped into tech stocks. Both bonds and stocks rebounded quickly over the weekend.
Tech stocks rose last week on better-than-expected second quarter earnings reports, as well as the continued spread of the delta variant. Twitter and Snap each surged Thursday after better-than-expected second quarter earnings reports. Twitter finished up 3% on Friday, while Snap climbed 24%.
One of the busiest weeks for earnings reporting is on the bridge in the coming week, with Tesla throwing it after the closing bell. Last week CEO Elon Musk said the automaker would likely resume accepting bitcoin for vehicle purchases.
The big tech giants Apple, Alphabet and Microsoft are all expected to report on Tuesday, and Google, Facebook and Amazon will also report later in the week.
Investors will follow the two-day Fed policy meeting, starting Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the direction of monetary policy on Wednesday. The Commerce Department will release second quarter GDP data on Thursday.
On Monday morning, the US Department of Housing and Urban Development will release new home sales data and the Federal Reserve Bank of Dallas will release its monthly business activity index for manufacturing in Texas.