Stock futures were mostly flat on Tuesday (July 22), following record closes for the S&P 500 and Nasdaq Composite in the previous session. Futures linked to the S&P 500 hovered just below the flatline,

Major U.S. stock exchanges are expected to report higher second-quarter profits, driven by increased fee collection from record-breaking trading volumes as investors rushed to reposition portfolios hit by tariff-related volatility.

Reaction has been fairly quiet, an ominous sign that much of the good news is priced in — and investors are punishing disappointments

Morgan Stanley expects tariff-related cost pressures to show up later this year, which could impact company margins and bump up inflation, leading to a change in rate cut expectations by the Federal Reserve.

With Wall Street's surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market's profit outlook.

JP Morgan is the bellwether as the US’s largest bank. It is expected to boost its net interest income target for this year, as it benefits from elevated interest rates in the US, and profit growth from loans could top 3% in Q2. This may be dwarfed by trading revenue, which some analysts expect to have surged by 8%.

US Stock Market's strength will be tested as earnings season heats up. Momentum for the industrials sector and the broader market will be in focus with a heavy upcoming week of second-quarter earnings,

Nifty futures on the NSE International Exchange traded 69.10 points, or 0.28 per cent, down at 25,163, hinting at a positive start for the domestic market on Wednesday.

US stock futures remained mostly flat Sunday night ahead of a busy earnings week focused on big tech companies.