Stock market today: US futures rise as Tesla kicks off Magnificent 7 earnings season
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- US stock futures climbed higher in premarket trading on Tuesday.
- Tesla is set to kick off Big Tech earnings season after the closing bell.
- Shares in Elon Musk's EV maker have plummeted this year amid signs of slowing demand.
US stocks looked set to open higher at the opening bell on Tuesday, as traders waited for Tesla to kick off a make-or-break Magnificent Seven earnings season.
Shortly after 5 a.m. ET, S&P 500 futures were up 0.2%, while Nasdaq 100 futures had climbed 0.3%. Dow Jones Industrial Average futures traded flat.
There was also muted trade in other assets, with yields on 10-year Treasury notes up 1 basis point to 4.63%. The US Dollar Index, which tracks the greenback against a basket of six other currencies, held steady.
Tesla is expected to report its first-quarter earnings after the closing bell.
Shares in Elon Musk's electric car maker have tumbled 43% year-to-date amid signs of a slowdown in demand for EVs, with last week's layoffs failing to arrest the slide.
Analysts are expecting Tesla to post earnings of $0.44 per share for the three months ending March 31, according to data from Refinitiv. This would represent a 48% drop from this time last year.
"Big tech kicks off with Tesla results this evening," Sophie Lund-Yates, Hargreaves Lansdown's lead equity analyst, said. "The tech darling's valuation has come under renewed pressure on news of price cuts, and its dramatic efforts to boost demand means there's an element of trepidation about the earnings release."
General Motors, Spotify, and Visa are among the other companies set to report earnings on Tuesday.