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U.S. stock futures rose in premarket trading Tuesday.
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Tesla is set to begin Big Tech’s earnings season after the closing bell.
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Shares in Elon Musk’s EV maker have plummeted this year on signs of slowing demand.
U.S. stocks were expected to rise at the opening bell on Tuesday as traders waited for Tesla to begin its make-or-break Magnificent Seven earnings season.
After 5 a.m. ET, S&P 500 futures were up 0.2% and Nasdaq 100 futures were up 0.3%. Dow Jones Industrial Average futures were trading flat.
Trading in other assets was also weak, with the 10-year Treasury yield rising 1 basis point to 4.63%. The US dollar index, which tracks the greenback against a basket of six other currencies, was stable.
Tesla is expected to announce its first quarter results after the closing bell.
Shares in Elon Musk’s electric car maker have fallen 43% since the start of the year on signs of slowing demand for electric vehicles, and last week’s layoffs didn’t stop the decline.
Analysts expect Tesla to post earnings of $0.44 per share for the three months ending March 31, according to Refinitiv data. This would be a 48% decrease from this time last year.
“The big tech companies open tonight with Tesla’s results,” said Sophie Land-Yates, chief equity analyst at Hargreaves Lansdown. She said: “The tech world’s darling’s valuation is under fresh pressure on news of price cuts, and its dramatic efforts to boost demand mean there is some uncertainty surrounding its earnings release. There is.”
General Motors, Spotify, Visa and others are also scheduled to report earnings on Tuesday.
Read the original article on Business Insider
