US pre-open: Wall Street futures little changed ahead of tech earnings

23rd Jul 2024 12:36

(Sharecast News) - Wall Street futures were little changed ahead of the bell on Tuesday as market participants looked ahead to a handful of big-name earnings reports.

As of 1230 BST, Dow Jones and S&P 500 futures had the indices opening 0.10% and 0.07% stronger, respectively, while Nasdaq-100 futures were down 0.03%.

The Dow closed 127.91 points higher on Monday, reclaiming some of the losses recorded in the previous session.

Both Google parent company Alphabet and electric carmaker Tesla were slated to report earnings after the close of trading on Tuesday - Wall Street's first taste of major tech earnings so far this season.

Scope Markets' Joshua Mahony said: " Alphabet earnings will provide the canary in the coal mine as we seek to gauge the fate of fellow tech giants and AI-related businesses over the second quarter. With the past week seeing declines throughout the tech sector, there is a strong case for a sharp rebound across the board should Alphabet earnings blast past estimates once again.

"Meanwhile, Tesla has already enjoyed a 27% bump in their share price this month, with the stronger-than-expected deliveries figure raising hope for a company that has been struggling of late. There is an expectation that this quarter will mark a bottom for earnings, while disclosures over the AI and Robotaxi developments should help lift the mood somewhat. Nonetheless, coming into an earnings report off the back of such a sharp share price revaluation does raise concerns that the company needs to do much more to justify any further gains."

Elsewhere, soft drinks giant Coca-Cola hiked its full-year guidance on the back of increased global demand throughout Q2, while cigarette maker Philip Morris reported a 34% jump in quarterly profits amidst an "outstanding" quarter in which revenues topped estimates.

On the macro front, June's existing home sales data and July's Richmond Fed manufacturing index will be out at 1500 BST.

Reporting by Iain Gilbert at Sharecast.com