Indexes were lower as investors braced for Tesla and Alphabet's earnings reports.
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US stocks were little changed Tuesday, as investors geared up for highly anticipated earnings reports.
After the closing bell, Tesla and Alphabet are set to release their second-quarter performance.
Investors will be especially attentive to the carmaker, looking to see if its performance has improved since the start of the year. Tesla was battered by a slew of headwinds in the first quarter, but investors have since grown bullish on the flagship EV manufacturer.
The two firms are the first of the Magnificent Seven tech stocks to release their earnings.
If they deliver strength, it could bring back momentum to the tech rally. The stock market is fresh off a winning rally on Monday, which saw the Nasdaq 100 and S&P 500 rise above 1%.
Amid Tuesday's notable stock movers, music-streamer Spotify surged as much as 14% on record profits, while UPS' missed guidance sent it tumbling nearly 12%.
Otherwise, GDP and inflation data this week might also sway markets this week. Personal consumption expenditures, the Federal Reserve's preferred inflation gauge, is set to release Friday.
According to Comerica chief economist Bill Adams, it's likely to continue cooling from last month.
"The Fed's preferred measure of inflation is expected to tick lower in the June release, paralleling the month's slower CPI inflation. As with the CPI, both total PCE inflation and core PCE inflation excluding food and energy likely slowed on the month," he said.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
Here's what else is happening:
In commodities, bonds, and crypto:
