Stock futures decline, setting the S&P 500 and Nasdaq up for a third consecutive day of losses: Live updates

Home Depot recently reported its first-quarter earnings, which were seen as somewhat underwhelming. However, despite rising gas prices, its core customers seem to be holding strong. The company posted adjusted earnings of $41.77 billion and a profit of $3.43 per share—outpacing analyst expectations that estimated earnings of $3.41 per share on sales of $41.52 billion.

Following this announcement, the stock saw a slight uptick during pre-market trading.

On Tuesday, Asia-Pacific markets exhibited mixed results, influenced by fluctuating oil prices and President Trump’s decision to delay an intended military strike on Iran.

Brent crude futures for July delivery dipped by 1.3%, settling at $110.60 per barrel. West Texas Intermediate futures also saw a minor decrease of 0.06%, coming in at $108.59 per barrel.

Market participants are closely analyzing Japan’s first-quarter GDP data, which indicated an annualized growth rate of 2.1% in the initial three months of the year, significantly exceeding the 1.7% that analysts surveyed by Reuters had anticipated. This growth also surpasses the 1.3% rate recorded in the previous quarter, although these figures do not fully account for the ongoing impacts of the Iran conflict.

The Nikkei Stock Average fell by 0.44%, closing at 60,550.59 after giving up its early gains. Attention is also on the upcoming summit between Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae-myung, which could have further implications for the market. Meanwhile, the Kospi index in South Korea fell over 3%, closing at 7,271.66.

In Australia, the S&P/ASX 200 rose to 1.17%, closing at 8,604.70, while Mainland China’s CSI300 index increased by 0.4% to 4,852.88. The Hang Seng index in Hong Kong gained 0.48%, reaching 25,797.85.

The information technology sector is facing notable layoffs, which may significantly impact U.S. economic growth, according to a recent memo from Bank of America.

The report indicated that 40% of job cuts in April were concentrated in tech-related areas, raising concerns about consumption growth. “Since the 1980s, skilled professional services provided by college graduates have driven consumption,” stated Savita Subramanian, the head of U.S. equities and quantitative strategy.

With many high-tech jobs now facing cuts, the situation raises further questions given that the layoffs align with declining college graduation rates. As investors muse over how artificial intelligence might disrupt various sectors, from finance to software, some companies are adopting AI—sometimes at the cost of workforce reductions. The market’s response to these developments has been unpredictable, reflecting the uncertainty surrounding broader AI integration.

The average interest rate for a 30-year fixed mortgage has climbed to 6.68%, marking the highest increase since July 31, 2025, when it hit 6.75%.

This rise in borrowing rates is closely tied to global trends and coincides with a 10-year U.S. Treasury yield reaching 4.631%, its highest since February 12, 2025.

The stocks showing the most volatility in after-hours trading include:

• Agilysys — Shares surged by 16% following a report of adjusted fourth-quarter earnings at 63 cents per share, up from 54 cents a year prior. Revenue stood at $82.9 million, slightly exceeding the $81.6 million forecast by analysts. The company also projected full-year revenue between $365 million and $370 million, surpassing the $363.6 million consensus.
• Akamai Technologies — Shares fell by 3% after the company announced plans to issue $2.6 billion in convertible notes.

In overnight trading on Monday, stock futures remained nearly flat. As of 6 p.m. Eastern time, the futures market, which tracks the three major averages, was hovering near even.