U.S. stock futures were slightly higher on Monday night, following the Dow Jones Industrial Average's impressive record high close. The futures linked to the 30-stock average rose by 42 points, or 0.1%. Similarly, S&P 500 futures and Nasdaq 100 futures experienced gains of 0.2% and 0.3% respectively.

Earlier in the day, the Dow advanced by 0.53% to achieve its record close and also hit an all-time high during the session. The S&P 500 added 0.28%, while the Nasdaq Composite gained 0.4%.

Investors are speculating that the unsuccessful assassination attempt on former President Donald Trump may work in favor of the Republican presidential candidate and his party in November's election. Such a victory could potentially lead to favorable tax and fiscal policies for investors. Additionally, the market witnessed a continued rotation into small-cap stocks. The Russell 2000, for example, saw a rise of 1.8% during Monday's session.

Tom Lee, the head of research at Fundstrat Global Advisors, believes that the significant gains observed for small-cap stocks last week are just the beginning of a longer rotation. Having gained 6% last week, Lee predicts an even more substantial rally, stating, "That rally that started last week for small caps is going to be larger than the October to December rally of last year that was over eight weeks and almost a 30% gain for the Russell 2000."

Lee also highlighted the comparatively more oversold nature of small-cap stocks, with valuations even lower this time around. "We think that this move could be something like 10 weeks and as much as 40%," he added, emphasizing the positive implications of the monthly decline in June's consumer price index reading on the rally.

On Tuesday, investors will be keeping an eye on earnings reports from Bank of America, Morgan Stanley, UnitedHealth, and Charles Schwab, all of which are set to report before the bell. Additionally, the latest economic data, including June's retail sales, export and import price indexes, and May's business inventories, will also be closely watched.

During Monday's trading session, Nvidia emerged as the biggest gainer for both the S&P 500 and the Nasdaq Composite. Conversely, Meta Platforms was the biggest laggard for both indexes. UnitedHealth, on the other hand, emerged as the most positive stock within the Dow Jones Industrial Average, helping the index reach a new record closing high. JPMorgan, however, marked the 30-stock index's biggest laggard.

In extended hours trading, Trump Media and Technology experienced a significant drop of nearly 11% after its earlier surge of more than 30% during Monday's day trading session. This surge was prompted by the attempted assassination of former President Trump, which heightened speculation of a Trump win in November.

FB Financial, on the other hand, saw an increase of nearly 2% in its stock after reporting a second-quarter earnings beat. The regional bank reported adjusted earnings of 84 cents per share, surpassing analysts' expectations of 76 cents. FB Financial also exceeded consensus estimates on other metrics, such as net interest income and net interest margin.

As the market eagerly awaits the opening bell on Tuesday, Dow futures are up 42 points, or 0.1%, signaling a positive start to the trading day. Similarly, S&P 500 futures and Nasdaq 100 futures have experienced gains of 0.1% and 0.2% respectively.