US stock futures edged higher on Tuesday after the major indexes opened the week with strong gains, buoyed by declining oil prices and a powerful rally in heavyweight technology names. In Monday’s regular session, the tech-focused Nasdaq Composite jumped 2.13%, while the S&P 500 and the Dow rose 1.48% and 1.32%, respectively.
Megacap technology stocks led the advance. Amazon climbed 4.6%, pushing its market value above $3 trillion for the first time. Other notable gainers included Microsoft (up 4.9%), Nvidia (2.9%), Meta Platforms (6%), Alphabet (4.9%) and Tesla (3.5%).
Sentiment was further supported by an approximately 5% drop in oil prices after President Donald Trump called off planned strikes on Iran in an effort to revive negotiations, easing worries about inflation and the future path of interest rates.
Investors are now focused on the next wave of corporate earnings due Tuesday, with results expected from SpaceX, AMD, Caterpillar, Merck, McDonald’s and others.