U.S. stock futures were little changed on Tuesday night, as investors looked ahead to Federal Reserve meeting minutes for clues into the pace of future interest rate hikes.
Dow Jones Industrial Average futures rose by 14 points, or 0.05%. S&P 500 futures gained 0.03%, while Nasdaq 100 futures dipped 0.06%.
Shares of Nordstrom fell more than 8% in extended trading after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv.
The Dow Jones Industrial Average rallied nearly 400 points, or about 1.2%, during the regular session Tuesday. The S&P 500 rose 1.36%, closing above the 4,000 level for the first time since September. Meanwhile, the Nasdaq Composite jumped 1.36%.
Investors shrugged off fears of further lockdowns in China after the country reported its first Covid deaths since May. Instead, traders focused on some strong earnings reports, and bet on the likelihood for an easing in monetary policy from the Fed going forward.
“Investor psychology remaining optimistic is driving the rally in this market,” Eugene Profit, CEO at Profit Investments, said Tuesday on CNBC’s “Closing Bell: Overtime.”
“Going into the next Fed meeting, I think the Fed will probably moderate their language a little bit, and I think investors want to remain optimistic, and ignore a lot of headwinds in this market,” he added.