Stock futures dip barely in overnight trading Tuesday

U.S. stock futures inched lower in overnight trading Tuesday.

Dow Jones Industrial Average futures fell by 19 points, paring most of earlier losses following President Joe Biden’s State of the Union address. S&P 500 and Nasdaq 100 futures also traded fractionally lower.

Chipotle shares fell greater than 4% after missing expectations on the highest and bottom lines in its latest results. Meanwhile, cybersecurity stock Fortinet jumped greater than 15% after topping earnings per share estimates.

Stocks closed near session highs after a volatile bout of trading on Tuesday. The Dow Jones Industrial Average jumped about 265 points, or 0.78%. The S&P 500 rose 1.29%. Meanwhile, the tech-heavy Nasdaq Composite outpaced the opposite two indexes, gaining 1.9%.

Earlier within the day, Federal Reserve Chair Jerome Powell said inflation is easing at an event at The Economic Club of Washington, D.C, reiterating comments from his press conference last week that raised investor hopes that the Fed will soon pause or pivot rate of interest hikes. The main averages initially jumped throughout the remarks, before briefly falling into negative territory, after which closing higher.

“Now we have a Federal Reserve that now not desires to be adversarial. And one could argue that they are usually not adversarial anymore, because they’ve had two opportunities within the last week to be that way. They didn’t do it,” Virtus Investment Partners’ Joseph Terranova said Tuesday on CNBC’s “Closing Bell: Additional time.”

A slew of corporate earnings are on deck Wednesday. CVS Health, Under Armour, Yum! Brands and Uber Technologies are reporting before the bell. Walt Disney and Robinhood are posting results after the bell.

Traders can even look ahead to the most recent reading on wholesale inventories due out at 10 a.m. ET. Economists predict an increase of 0.1% in December, in response to Dow Jones.