Futures tied to the main U.S. stock indices were largely muted on Tuesday as market participants weighed a tech-led rebound from the previous trading session against an approaching wave of corporate earnings and key U.S. economic releases.
Shortly after 03:04 ET (08:04 GMT), Dow and S&P 500 futures were essentially flat, while Nasdaq 100 futures had dipped about 18 points, or roughly 0.1%. The underlying U.S. averages had climbed on Monday - building on gains recorded at the end of the prior week - driven mainly by advances in technology shares linked to the artificial intelligence-related expansion of data-center investment.
Investor sentiment had been given a lift by coverage that OpenAI's chief executive told staff in an internal memo that the company's ChatGPT product had returned to growth. That development rekindled optimism about a cluster of AI-focused firms, with one research team noting that renewed prospects for OpenAI prompted an upgrade of Oracle due to the latter's $300 billion data-center agreement with the AI company.
By the close of that session, the Nasdaq composite - heavy with technology names - rose 0.9%, bringing it close to a fresh all-time peak, while the S&P 500 also remained in proximity to record levels.
Earnings calendar takes center stage
Market attention shifts to a dense schedule of corporate reports on Tuesday, which investors expect will provide additional color on conditions inside Corporate America in the opening months of 2026. Firms slated to report before the U.S. opening bell include CVS Health, Coca-Cola, Marriott International and Spotify. Gilead Sciences is scheduled to release results after markets close.
Among movers in extended trading, Onsemi shares slipped after the semiconductor maker reported fourth-quarter revenue that fell short of expectations, a miss the company attributed in part to an ongoing customer inventory overhang. Many of Onsemi's clients are still working through excess chip stocks that were accumulated during earlier supply-chain disruptions.
The chipmaker also flagged risks to its silicon carbide chips business from softer-than-expected electric vehicle sales and heightened competition from Chinese producers. Onsemi's guidance for the current quarter came in below Wall Street estimates at the midpoint, compounding investor caution.
U.S. retail sales data in focus
On the macroeconomic front, markets are awaiting the release of U.S. retail sales figures for December, a closely watched gauge because consumer spending accounts for more than two-thirds of U.S. economic output. In the third quarter, consumer outlays were a primary contributor to a 4.4% annualized increase in gross domestic product.
Analysts expect core retail sales - which exclude autos, gasoline, building materials and food services and are most closely tied to the consumer component of GDP - to have risen 0.3% in December, slowing from a 0.5% gain in November. Some market commentators have pointed to a softening labor market as a possible factor behind the anticipated deceleration, even though Federal Reserve officials in January characterized the jobs backdrop as "stabilizing."
Economists at ING noted in a recent briefing that the expected data are projected to show "reasonably healthy" expansion and to reinforce the view that "the U.S. consumer is alive and well."
Japan's Nikkei reaches a new high on "Takaichi trade"
Asian equities broadly extended technology-led gains on Tuesday, with Japanese shares notably climbing to fresh record territory. The surge has been linked to what market participants have dubbed the "Takaichi trade" following the weekend election victory of Sanae Takaichi as Japan's prime minister.
Observers say investor enthusiasm reflects expectations that Takaichi's policy agenda will favor growth, corporate profits and domestic investment. Her decisive electoral win has increased market hopes that the incoming administration will pursue pro-business reforms, fiscal support and initiatives aimed at boosting capital investment, innovation and strategic sectors of the economy.
Precious metals pull back
Gold prices retreated on Tuesday after strong gains in the previous session, with silver and platinum similarly slipping. The pullback followed heightened price swings over the past week, where profit-taking and rapid position building had pushed some metals off recent highs. Markets are particularly sensitive to upcoming U.S. data and to potential shifts in leadership at the Federal Reserve, both of which have contributed to elevated volatility in precious metals markets.
Safe-haven demand for gold was further affected by mixed developments in U.S.-Iran diplomacy. While the two countries reported progress in weekend talks over Iran's nuclear program, Washington on Monday issued a warning to U.S.-flagged vessels transiting the Strait of Hormuz, a move that injected uncertainty into the market and tempered bullion's appeal.
What to watch
- Corporate earnings from a busy list of companies, including CVS Health, Coca-Cola, Marriott, Spotify and Gilead Sciences.
- U.S. December retail sales and core retail sales data, viewed as key indicators of consumer strength going into 2026.
- Market reaction to the reported internal update on OpenAI's ChatGPT and related shifts in sentiment toward data-center exposed technology firms.
- Further movement in Asian markets, particularly Japanese equities following policy-driven optimism under the new government agenda.