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Stock market today: S&P 500, Nasdaq futures rise as Dow lags with Fed meeting, GM earnings on deck

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US stock futures moved higher on Tuesday as a packed earnings week continued and investors looked ahead to the Federal Reserve’s upcoming interest rate decision.

Contracts on the S&P 500 (ES=F) rose 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) advanced 0.5%. Dow Jones Industrial Average futures (YM=F) were little changed on the heels of gains for Wall Street indexes.

Earnings due Tuesday include results from General Motors (GM), American Airlines (AAL) and Boeing (BA). Elsewhere in corporates, UnitedHealth (UNH) and other insurer stocks sank after a report the Trump administration plans to keep Medicare payments to insurers roughly steady next year.

Earnings season ramps up significantly in the days ahead, with more than 90 S&P 500 companies scheduled to report. That slate includes several members of the so-called “Magnificent Seven,” with Meta (META), Microsoft (MSFT), and Tesla (TSLA) set to release results on Wednesday, followed by Apple (AAPL) on Thursday.

Later Tuesday, the Federal Reserve begins its two-day meeting, which will bring its first policy decision of the year. While policymakers are widely expected to hold the benchmark interest rate steady on Wednesday, traders will be watching closely for signals on the timing of future rate cuts. Updated readings on consumer confidence and home prices due later Tuesday offer insight into the economy ahead of the call.

Investors are meanwhile grappling with new risks from Washington. President Trump said late Monday that tariffs on South Korean products — including autos, pharmaceuticals, and lumber — will be raised to 25% from 15%. Trump cited delays in South Korea’s legislature approving a trade agreement reached with the US last summer.

A government shutdown is also looming as Senate Democrats attempt to block a bill funding the Department of Homeland Security. The political pushback follows federal agents killing Alex Pretti, an American citizen, in Minneapolis.

LIVE 5 updates

  • EU and India clinch ‘mother of all deals’ in rebuff to Trump

    From Bloomberg:

    The European Union and India concluded a free trade agreement after nearly two decades of negotiations, as both sides seek to deepen economic ties and offset the impact of Washington’s tariff policies.

    “We have concluded the mother of all deals,” European Commission President Ursula von der Leyen said on X on Tuesday. “We have created a free trade zone of two billion people, with both sides set to benefit.” Von der Leyen and European Council President Antonio Costa are in New Delhi to mark the moment.

    Indian Prime Minister Narendra Modi, who announced the conclusion earlier in the day, said the agreement would strengthen India’s manufacturing and services sectors while boosting investor confidence in Asia’s third-largest economy.

    The deal is expected to double EU goods exports to India by 2032 by eliminating or reducing tariffs on 96.6% of EU goods exports to India, according to a European Commission press release on Tuesday. These products range from automobiles and industrial goods to wine, chocolates and pasta. Meanwhile, the EU will eliminate or reduce tariffs on 99.5% of goods imported from India over seven years, India’s Ministry of Commerce and Industry said.

    The conclusion of negotiations after years of halting talks reflects the rapidly shifting global alignment under US President Donald Trump. The EU, despite long clashing with Indian officials over trade matters, is now focused on shedding its economic reliance on the US and China. India is similarly trying to shake its protectionist reputation and offset a 50% Trump tariff, while at the same time balance its ties with Russia.

    Read more here.

  • Brian Sozzi

    Deutsche Bank’s hot take on gold

    Add another bullish Wall Street call on gold into the mix.

    Deutsche Bank’s Michael Hsueh on the yellow metal in an early morning note:

    “Gold’s continued rise reflects investment motives which may be persistent: higher reserve allocations, and investors raising allocations to non-dollar and real assets. We think USD 6,000/oz is achievable with a weaker dollar this year.”

  • Micron plans $24 billion memory chipmaking plant in Singapore

    Shares of Micron Technology (MU) popped in premarket after the US memory chipmaker said it plans to invest $24 billion in building a new NAND facility in Singapore.

    The plan to expand Micron’s manufacturing capability comes amid an acute AI demand-driven memory chip shortage that has hit a swathe of industries.

    Reuters reports:

    Read more here.

  • Gold holds above $5,000 for second day

    Bloomberg reports:

    Read more here.

  • Health insurers plunge in after-hours trade

    Extended trading has seen stocks across a range of health insurers plummet. The drop has been sparked by a report from the Centers for Medicare & Medicaid Services (CMS) that payment year-over-year will increase by an average 0.09% for 2027. This keeps payments relatively flat in a move well below Wall Street expectations.

    Humana (HUM) saw its stock value fall 12.5% following the payment rate announcement.

    CVS Health (CVS) stock sank over 10% before settling at a 9.4% loss.

    UnitedHealth Group Incorporated (UNH) shares dropped 8.6% with earnings for the beleaguered company due before the open on Tuesday. The drop is expected to weight down on the Dow Jones (^DJI) when trading resumes.

    The Wall Street Journal has reported on the CMS rate over the past week, with an examination into health insurer billing revealing that government watchdogs have been concerned over pay practices in the health insurance industry.