Wall Street's Steady Afternoon as Alphabet and Tesla Earnings Loom

Wall Street's indexes remained largely unchanged into Tuesday afternoon after initial gains led by megacap stocks. Tesla and Alphabet are set to report earnings, influencing future market direction. Disappointing performances from household names like UPS and Comcast impacted equity markets, while Spotify and Coca-Cola showed positive results.

Wall Street's main indexes remained largely unchanged heading into the afternoon on Tuesday, after initial gains fueled by buying of megacap names ahead of Alphabet and Tesla earnings reports.

Tesla and Alphabet, crucial among the Magnificent Seven stocks, are set to kick off their earnings results post-market close. Tesla shares dipped 1.5%, while Alphabet saw a 0.8% rise.

The earnings announcements from these tech giants will be pivotal in determining if 2024's record rally persists or if the market is overvalued. Investors are also questioning whether a shift from megacaps to underperforming sectors will continue. The Russell 2000 index rose 0.9% on the day.

(With inputs from agencies.)