S&P 500 futures inch up as traders eye Microsoft and Alphabet earnings, rising yields, and Middle East risks. JOLTS data due later Tuesday.
U.S. stock futures crept up Tuesday morning as traders squared positions ahead of a heavy earnings calendar and fresh geopolitical headlines. S&P 500 contracts added 0.2% in early New York trading, while Nasdaq 100 futures rose 0.3%.
The move came after the 10-year Treasury yield touched a fresh five-month high above 4.7%, pressuring rate-sensitive sectors. Energy stocks slipped as crude oil held near $80 a barrel on renewed Middle East tensions following an Israeli airstrike in southern Lebanon.
Megacap tech earnings dominate the week. Microsoft and Alphabet report after the close Wednesday, with Apple and Amazon due Thursday. Options markets imply a 4.5% swing in Microsoft shares, the widest since 2022, according to data compiled by Bloomberg.
Traders said the early upward bias reflected short-covering ahead of the prints rather than conviction. Volume was 15% below the 20-day average through the first hour of trading.
The next test comes with the JOLTS job openings data at 10 a.m. ET, which could reset rate expectations before the Federal Reserve's meeting next week.
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