US stock futures were little changed on Tuesday after a solid session the day before as traders waited for quarterly reports from major US retailers.
The Dow Jones Industrial Average futures fell 26 points, or 0.1%. S&P 500 futures fell 0.2% along with Nasdaq 100 futures.
Walmart will publish the results later this morning. Investors will scour those results for clues about how consumers are grappling with decades-long inflation. Target and Lowe’s will report quarterly results on Wednesday.
Home Depot reported earlier in the morning, with earnings beating expectations and the home improvement store maintaining its 2022 expectations.
Shares of ZipRecruiter fell more than 5% after the company lowered its revenue outlook.
Monday’s session was marked by a sharp turnaround for the market. At the start of the trading day, energy and financials initially dragged markets down following weak economic reports from China and news that the country’s central bank had unexpectedly cut interest rates. Later in the day, markets recovered and turned positive as consumer staples, communications services and consumer discretionary rose.
Still, some see recent gains as a bear market rally rather than the start of a new bull cycle.
“I don’t think people are sensitive enough to this economic slowdown and what it’s going to mean for corporate earnings and profit margins,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group, on CNBC’s “Fast Money.”