US futures are rising as earnings season kicks into high gear

US stocks rose on Tuesday, on track for further gains, as tech-focused investors prepared for a new wave of gains highlighted by struggling Tesla (TSLA).

S&P 500 (^GSPC) futures rose 0.3% after a comeback from a six-day losing streak in the previous session. Dow Jones Industrial Average (^DJI) futures rose about 0.2%, while contracts on the tech-heavy Nasdaq 100 (^NDX) also rose 0.4%.

The meters want to build on a positive start to the week in which the S&P 500 was in the top 5,000 for the first time since February. Stocks rallied as investors returned to stocks like AI darling Nvidia ( NVDA ), which had lost ground on longer-term interest rate concerns.

Many in the market are looking to this week’s rush of Big Tech earnings to pull stocks out of the slump that has dogged them since the start of the year — though some on Wall Street are less hopeful.

Tesla’s gains will likely be a catalyst for the S&P 500, given the stock’s weight in the index. The results, which come after the market close, are seen as crucial for Elon Musk’s EV maker, whose shares have been hit hard by disappointing delivery prospects, the cancellation of plans for a highly anticipated sub-$30,000 model, and a change in strategy to robotaxis, among other headwinds.

As the first “Magnificent Seven” to report, Tesla sets the stage for highly anticipated results from Meta (META), Microsoft (MSFT) and Alphabet (GOOG) later in the week, although some suspect the megacaps’ momentum may be fading .

Meanwhile, legacy automaker GM (GM) got the ball rolling on the earnings front on Tuesday, with strong first-quarter results and higher expectations for the full year. Shares fell about 4%. Shares of Spotify (SPOT) rose after the audio streamer turned a profit amid an earnings slump.