In extended trading, United Airlines added more than 6% after reporting strong Q4 results

U.S. stock futures were little changed Tuesday morning after the Dow Jones Industrial Average crossed 38,000 for the first time ever.

Dow futures gained 17 points, or 0.04%. S&P 500 futures gained 0.03%, while Nasdaq 100 futures added 0.12%.

In extended trading, United Airlines added more than 6% after reporting strong Q4 results. Nevertheless, the airline operator said it expects a Q1 loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month. At its Tuesday earnings call, United will likely field questions about the grounding and any compensation from Boeing.

Shares of other airline operators gained in tandem with United. American Airlines and Southwest Airlines each gained nearly 3%. Alaska Air Group and Delta Air Lines jumped nearly 2% each.

Monday was a notable trading session for the major averages. The 30-stock Dow added more than 100 points, or 0.4%, to touch a new record and end above 38,000 for the first time. The S&P 500 added 0.2%, also touching a new all-time high. The Nasdaq Composite added 0.3%.

Those moves add to the S&P 500′s gain after the broad market index officially hit bull market territory on Friday, topping both its earlier intraday and closing all-time highs from January 2022.

But investors are deliberating how long the gains can persist, especially as the rally this year has centred around tech stocks like Nvidia, while wider participation has continued to disappoint. This month alone, Nvidia is 20% higher. In contrast, the small-cap Russell 2000 is down 2%.