U.S. stock futures showed little change on Tuesday night as investors awaited the highly-anticipated release of Nvidia's latest earnings report. Dow Jones Industrial Average futures, as well as futures tied to the S&P 500 and Nasdaq 100, hovered near the flatline.

During extended trading, clothing retailer Urban Outfitters saw a 5% increase after exceeding expectations on both revenue and earnings for the latest quarter. Homebuilder Toll Brothers also experienced a slight uptick of 1%, surpassing analysts' estimates and raising their full-year delivery guidance.

The market rally continued with the S&P 500 and Nasdaq Composite achieving new record closes on Tuesday afternoon. The broader market index added 0.25%, while the tech-heavy Nasdaq gained 0.22%. The Dow Jones Industrial Average saw a modest increase of 0.17%.

Investors were particularly focused on Nvidia as they looked forward to the semiconductor giant's quarterly report, scheduled for release on Wednesday afternoon. With Nvidia's stock already surging by nearly 93% this year, its performance in Tuesday's trading session managed to gain an additional 0.6%.

According to Charles Schwab's chief investment strategist Liz Ann Sonders, while the current market rally has the potential to expand beyond tech, it is crucial for the earnings season to conclude on a strong note. Sonders emphasized the importance of earnings catching up to the current valuations, as last year was characterized by multiple expansion without significant earnings growth.

Aside from Nvidia, other companies such as Target, Analog Devices, TJX, and Raymond James Financial are also expected to release their latest results on Wednesday. Traders will also keep an eye out for minutes from the Federal Open Market Committee meeting and April's existing home sales report.

In Tuesday's trading session, seven out of the 11 total sectors closed with gains. Utilities led the way with a 0.97% increase, followed by consumer staples and financials. Energy, on the other hand, recorded the largest decline at 0.51%.

All sectors remain within 10% of their 52-week highs, with the tech sector achieving a fresh record close in Tuesday's session.

In extended hours trading, several stocks experienced notable movements:

- Urban Outfitters: The clothing retailer saw an almost 8% increase after surpassing estimates on its first-quarter results.
- Viasat: Shares of the communications company declined by nearly 13% as Viasat reported a loss of 80 cents per share in the fiscal fourth quarter.
- Toll Brothers: Shares of the homebuilder rose over 1% as the company posted fiscal second-quarter earnings of $4.55 per share on revenue of $2.65 billion, beating analysts' expectations.

As of Tuesday evening, stock futures for all three major indexes were trading near flat.

Investors will closely monitor the release of Nvidia's earnings report, along with other company results, to gain insights into the market's direction in the coming days.

Note: The information provided is based on the text provided and may not reflect real-time market conditions or developments.