Stock futures are pointing to a higher open on Tuesday, putting major indexes on track to hit new record highs, as investors digest a slew of quarterly results from major companies.

With the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average staging one of their strongest intra-year reversals in history, stock valuations have moved to nosebleed territory. The previous two instances where the S&P 500's Shiller price-to-earnings (P/E) Ratio hit 39 didn't end well for investors.

The Dow Jones Industrial Average (DJIA) softened on Tuesday, falling back for a second straight day as bullish-prone equity markets pivot into a defensive stance ahead of the latest interest rate decision from the Federal Reserve (Fed).

Stock futures edged higher on Tuesday (July 29) after the S&P 500 and Nasdaq Composite notched fresh record highs, even as Monday's broader market rally struggled to gain traction. Futures linked to the S&P 500 rose 0.

US stock market today saw mixed action as the Dow Jones dropped while the S&P 500 and Nasdaq inched higher, driven by strong Alphabet earnings and cautious outlook from Tesla. Alphabet jumped over 3% after boosting its AI investment,

The successor to the first stock market index is getting up there with the S&P 500 and the Nasdaq Composite in all-time-high territory.

Dow Jones is losing ground as traders take profits near historic highs. Nike, which is up by 3.8%, is the biggest gainer in the Dow Jones index today. The stock rallied as JP Morgan upgraded Nike from Neutral to Overweight.

The stock's fall snapped a four-day winning streak.

The Dow Jones index dipped on the stock market today. President Trump spoke on tariffs. Tesla popped after Elon Musk touted an AI deal. Cathie Wood bought a diving stock.