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Traders work on the floor of the New York Stock Exchange during morning trading in New York City.
Michael M. Santiago | Getty Images
The S&P 500 was flat Tuesday as investors readied for key corporate earnings releases, including reports from notable tech names.
The broad market index inched up just 0.1%, while the Dow Jones Industrial Average traded 65 points lower, or 0.2%. The Nasdaq Composite outperformed, adding 0.4%.
Alphabet, Snap, Reddit, Chipotle and Advanced Micro Devices are all scheduled to post their quarterly results after the market closes. Tech juggernauts Meta Platforms and Microsoft are slated to report Wednesday, while Apple is up on Thursday.
Ahead of their earnings releases, shares of Meta and Alphabet advanced more than 1% on Tuesday.
“It’s currently an expensive market, and so I think that investors need for earnings growth to accelerate in order to justify these higher PE ratios,” CFRA Research chief investment strategist Sam Stovall said.
This will mark the busiest week of the earnings season with more than 150 S&P 500 companies scheduled to have reported by Friday’s close.
Traders also continued to keep an eye out on Treasury yields, as the benchmark 10-year Treasury yield rose to its highest level since July.
BTIG’s Jonathan Krinsky believes there is more near-term choppiness ahead for the market with just five trading days left before the U.S. presidential election.
“While we aren’t looking for a bear market, our conviction remains high that we are poised for some downside volatility over the coming weeks,” Krinsky wrote in a note.
The major averages are coming off a winning session. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq notched its eighth positive session of the last nine.
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