U.S. stock futures were flat Tuesday, after major averages hit multi-year highs last Friday, as investors hesitated to jump in ahead of several major earnings reports.
Markets were closed Monday for Martin Luther King Day. On Friday, the Dow and S&P 500 climbed during the last hours of trading to finish the week at their highest levels since December 2007. Markets were closed for the Martin Luther King national holiday on Monday.
"With equities looking technically overbought in the short term, Obama's return to the daily grind should see a heating up of the debt ceiling debate which could see short term investors heading for the sidelines," wrote Mike McCudden, head of derivatives at stockbroker Interactive Investor. (Read More: Obama Lays Out Battle Plan as Second Term Kicks Off)