US Futures Edge Higher Following Record Close

US stock futures edged higher on Wednesday after the S&P 500 and Nasdaq Composite climbed to fresh record highs in the previous session, supported by continued strength in technology shares. During Tuesday’s regular trading session, the S&P 500 advanced 0.61% while the Nasdaq Composite surged 1.19%, whereas the Dow slipped 0.23%. Six of the 11 major S&P sectors ended in positive territory, with technology, industrials and materials leading the gains, while energy, consumer staples and healthcare stocks recorded the sharpest declines. Investors also remained cautiously hopeful that the US and Iran could still secure an agreement despite renewed tensions in the Middle East. In after-hours trading, Zscaler tumbled more than 20% after forecasting weaker-than-expected revenue for the current quarter. Market participants are now awaiting earnings results from Salesforce, Synopsys, Agilent Technologies, HP and Dick's Sporting Goods later on Wednesday.

The Dow Jones Index fell 117 points or 0.23 percent on Tuesday to close at 50463 points. Leading the losses are Chevron (-3.48%), UnitedHealth (-2.85%) and Merck (-2.20%). Top gainers were Caterpillar (3.26%), Honeywell International (1.61%) and 3M (1.08%).

The S&P 500 gained 0.6% on Tuesday and the Nasdaq climbed 1.2% to fresh record highs while the Dow Jones finished 118 points lower as investors returned from the long weekend with continued focus on developments in the Middle East. Markets remained cautiously optimistic that the US and Iran could still reach an agreement, with traders viewing the two sides as closer than ever to a deal despite mixed signals and further strikes. Technology, industrials, and materials led the market higher, while energy and consumer staples stocks posted the steepest declines. Among individual movers, Micron Technology surged 19.3%, pushing its market capitalization above $1 trillion for the first time after UBS raised its price target and said the stock could more than double. Alphabet rose 1.4%, Broadcom advanced 1.9%, and Tesla gained 1.8%. On the downside, Nvidia slipped 0.2%, while Microsoft and Amazon fell 0.6% and 0.4%, respectively. Exxon Mobil also declined 3.3% and Walmart was down 1.4%.