U.S. stock futures hold steady after tech rally pushes S&P 500, Nasdaq to records

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Stock futures steady after tech rally

Highlights

S&P 500 gains 0.61% and Nasdaq rises 1.19% to fresh intraday and closing highs, while the Dow drops 0.23%.
Micron Technology surges 19%, surpassing $1 trillion market cap for the first time, helping lead the tech-driven rally.
Zscaler falls 19% postmarket after weak revenue guidance, Insulet drops 8% after medical device correction announcement.

Overnight positioning after record close

As reported by CNBC, U.S. stock futures are little changed on Tuesday night after a rally in technology shares sends the S&P 500 and Nasdaq Composite to new records during the regular session.

S&P 500 futures and Nasdaq 100 futures trade around the flatline, as do futures tied to the Dow Jones Industrial Average. In extended trading, Zscaler drops 19% after guiding for current-quarter revenue below analysts' expectations compiled by LSEG, while Insulet falls 8% after announcing a voluntary medical device correction for specific lots of several pods.

During Tuesday's regular trading, the S&P 500 gains 0.61% and the Nasdaq rises 1.19%, both reaching fresh intraday and closing highs. The Dow Jones Industrial Average moves the other way, losing 118.02 points, or 0.23%.

Rates, geopolitics and earnings stay in focus

Micron Technology helps drive the session higher, surging 19% and topping $1 trillion in market capitalization for the first time. Sentiment also improves after President Donald Trump says talks with Iran to end the war are "proceeding nicely," while U.S. Central Command spokesman Tim Hawkins says the U.S. uses restraint during the ongoing ceasefire after self-defense strikes in southern Iran early Tuesday.

Even with easing tensions and a strong earnings season supporting repeated record highs this year, some strategists remain cautious on how much further the market can climb. Drew Pettit, U.S. equity strategist at Citi, says higher Treasury yields, firmer inflation expectations and a flatter curve do not support a meaningfully higher sustainable market multiple, and his year-end target of 7,700 for the S&P 500 implies roughly 2% upside from here.

Investors are now looking ahead to another batch of quarterly results before Wednesday's opening bell, including reports from Bank of Montreal, Bath & Body Works, Capri, Dick's Sporting Goods, Manchester United and Abercrombie & Fitch.

Our earlier analysis of Micron Technology’s move past a $1 trillion market capitalization highlighted how the milestone boosted the stock’s visibility and drew stronger institutional interest. We also noted that despite clearly bullish technical momentum, overbought signals raised the risk of a near-term consolidation, with the $850–$920 zone framed as the key range to watch for either a breakout or a pullback.

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