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Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange (NYSE) on November 02, 2023 in New York City. 

Spencer Platt | Getty Images

U.S. stock futures were flat on Tuesday night after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years.

Futures tied to the S&P 500 and Nasdaq 100 futures oscillated near the flat line. Dow Jones Industrial Average futures rose by 9 points or 0.02%.

Earlier in the day, the S&P 500 added 0.3% to clinch its seventh straight positive session. The Nasdaq Composite advanced 0.9% to post its eighth straight day of gains. Tuesday marked the longest stretch of positive days since November 2021 for both indexes. The 30-stock Dow climbed nearly 0.2%, marking a seventh winning day.

These gains come after about 80% of S&P 500 companies have beaten earnings estimates this season, while slowing demand means that only 59% have also topped revenue expectations. The last time this differential was this wide was during the fourth quarter of 2015, according to LSEG.

“All the big tech stocks have already reported; we kind of know where everybody is at this point. So there really shouldn’t be too many surprises at this point,” said Ken Mahoney, the CEO of Mahoney Asset Management.

These ongoing equity gains, led by big-cap technology stocks and combined with muted central bank action could set the market up nicely into 2024, Mahoney added.

He’s optimistic that the economy could be in a “Goldilocks environment where it’s not too hot to have the Fed raise rates and not too cold,” either. “I think that we can have a year-end rally against performance anxiety, and the leader still to be maintained in Apple, Microsoft, Google or other top names,” he said.

MGM Resorts, Walt Disney, and Take-Two Interactive are all set to report earnings after Wednesday’s closing bell. Investors will also watch out for September’s wholesale inventories data.

— CNBC’s Robert Hum contributed reporting.

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