Stock futures are flat Monday night as Wall Street looks to tech earnings: Live updates

U.S. stock futures were flat on Monday night as traders await corporate earnings announcements from several Big Tech companies and consumer discretionary names, as well as new economic data. 

Dow Jones Industrial Average futures slipped 12 points, or 0.42%. S&P 500 and Nasdaq 100 futures inched down 0.09% and 0.07%, respectively. 

In other notable after-hours action, shares of First Republic Bank slid about 20%. Deposits tumbled 40% to $104.5 billion in the first quarter, but have stabilized since, the bank reported late Monday. First Republic will also be trimming expenses, including slashing headcount by 20% to 25% in the second quarter.

During Monday’s regular session, the tech-heavy Nasdaq Composite declined 0.29%. Meanwhile, the Dow rose by 66.44 points, or 0.2%, while the S&P 500 ticked up 0.09%. 

U.S. Bank Wealth Management’s senior investment director Bill Northey anticipates companies reporting decreased growth momentum as 2023 progresses. 

“We’re looking for signs of deterioration, or alternatively health revenues, margins and ultimately earnings — and importantly, earnings guidance as we progress through the balance of the year. The expectation is for slower levels of growth as the year progresses. And those items as well as the broader macro factors will influence largely how portfolios are positioned,” Northey said. 

“We entered 2023 with a modestly defensive portfolio orientation,” he continued, noting that he has not made any material changes to his positioning.  

“The fundamental factors underpinning our more cautious and defensive positioning remain in place,” said Northey. “And that is slowing growth, a more restrictive set of central bank policies and expectation that as we move through this year, that growth will slow sufficiently and inflation will come under control sufficiently that the Federal Reserve will be able to pause the rate hike cycle and respond to the resultant pace of economic growth.”

UPS, 3M, Verizon, JetBlue and General Motors will be announcing their quarterly earnings Tuesday before the bell. Large-cap consumer names McDonald’s and PepsiCo will also issue results. Investors will also be keeping an eye on UBS’s report, which will be its first earnings release since its acquisition of Credit Suisse. 

Alphabet and Microsoft will be top of mind for investors, as both tech giants will post their quarterly results after the close on Tuesday.

Wall Street will get a gauge on the state of the housing prices through the new home sales numbers in March, as well as the S&P/Case-Shiller 20-city home price index data for February. Consumer confidence data for April will also be released.