US stock futures fell slightly on Tuesday evening after the S&P 500 rose to another new high during the regular session.
The Dow Jones Industrial Average futures fell 33 points, or 0.09%. S&P 500 and Nasdaq 100 futures were down 0.09% and 0.03%, respectively.
A strong earnings season continued after Bell Tuesday, with Lyft and Caesars Entertainment reporting stronger-than-expected results for the second quarter and leading a rebound to pre-pandemic activity levels. Lyft and Caesars both gained more than 3.5% in expanded trading.
In the regular trading session, the Dow Jones Industrial Average rose 278 points, or 0.8%, to 35,116.40. The S&P 500 gained 0.8% to hit a new all-time closing high of 4,423.15. The Nasdaq Composite rose 0.6% to 14,761.29.
Traders operate on the floor of the New York Stock Exchange (NYSE) in New York City on July 15, 2021.
Brendan McDermid | Reuters
Those gains followed an early morning slump when stocks across the board were largely negative after 10-year government bond yields fell to 1.15% on Monday. The decline in bond yields was driven by concerns about the spread of the delta coronavirus variant and comments from Federal Reserve Governor Christopher Waller, who told CNBC the central bank could begin curbing its bond purchases as early as October.
The 10-year government bond yield rose slightly to 1.17% on Tuesday. Lower bond yields tend to set a more pessimistic tone for stocks, which can be confusing for some, but investors expect August, the second year of a bull run, to be a period of greater volatility for stocks.
The winning season continues on Wednesday, with Toyota and General Motors reporting before the bell. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will be reporting after the bell.
Investors will also be keeping an eye on the employment data released by ADP on Wednesday.
