S&P 500 and Nasdaq Hit New Records as Wall Street Awaits Key Tech Earnings

U.S. stock futures inched higher Monday night following record-setting closes for the S&P 500 and Nasdaq Composite during regular trading. The S&P 500 rose 0.12% and the Nasdaq added 0.20%, both reaching new intraday and closing highs, while the Dow Jones Industrial Average slipped slightly.

Investors remain cautious as peace negotiations between the U.S. and Iran stall, with President Trump canceling planned envoy visits. Meanwhile, Wall Street braces for a pivotal earnings week featuring five of the 'Magnificent Seven' tech giants, alongside a critical Federal Reserve meeting that could mark Chair Jerome Powell's final rate decision.

Market Milestones Amid Geopolitical Uncertainty

The S&P 500 and Nasdaq Composite both achieved new record highs on Monday, with futures for these indexes rising about 0.2% in after-hours trading. The Dow Jones futures gained 66 points, or 0.1%, despite the Dow slipping 0.13% during the regular session. Market gains were tempered by stalled peace talks between the U.S. and Iran, as President Trump canceled envoy visits to Pakistan and suggested negotiations might continue by phone.

Iran's Foreign Ministry confirmed no meetings are currently planned with U.S. officials, though the White House acknowledged discussions about Iran's offer to reopen the Strait of Hormuz if the war ends and the U.S. lifts its blockade.

Earnings Week Spotlight: Tech Titans Take Center Stage

Wall Street is gearing up for a major earnings week, with five of the 'Magnificent Seven' tech giants set to report results. Alphabet, Amazon, Meta Platforms, and Microsoft will release earnings on Wednesday, followed by Apple on Thursday. These reports come amid high expectations fueled by strong fundamentals and recent market strength.

"I do think some strength in the first quarter has been pre-traded, but these are strong fundamentals, high expectations — hard to say how stocks respond on day of earnings against that setup. Still, looking longer term, I think these are pretty interesting.",—John Belton, Growth Equities Portfolio Manager at Gabelli Funds

Other Key Earnings and Economic Data to Watch

Tuesday's earnings calendar includes major companies like UPS, General Motors, Coca-Cola, Hilton Worldwide, JetBlue, and Corning reporting before the bell. After the market closes, Visa, T-Mobile US, Booking Holdings, Robinhood, Starbucks, Caesars Entertainment, and others will announce results. Traders will also monitor April's consumer confidence data for insights into economic sentiment.

Extended-Hours Movers and Market Outlook

In after-hours trading, LendingClub surged nearly 14% after beating first-quarter earnings estimates. Steelmaker Nucor rose over 3% following strong earnings, and Bed Bath & Beyond jumped 28% after surpassing revenue expectations. Despite these gains, stock futures traded near flat Monday evening, reflecting cautious investor sentiment ahead of key earnings and the Federal Reserve's rate decision.

Wednesday's Federal Reserve meeting could be pivotal, potentially marking the final rate decision under Chair Jerome Powell. Investors will be closely watching for signals on the future path of monetary policy amid ongoing economic uncertainties.