US futures are uncertain ahead of earnings reports, with focus on Big Tech results.

From Yahoo Finance: 2024-07-23 07:36:22

US stock futures wobbled on Tuesday ahead of a marquee earnings day, with investors focusing on Big Tech results later to sustain the year’s rally. Futures on the S&P 500 and Nasdaq 100 floated around the flatline, coming off sharp closing gains. Dow Jones Industrial Average futures were little changed but in the green. Coca-Cola and General Motors reported early, with Alphabet and Tesla results set for after the bell. A rebound in tech stocks helped the S&P 500 and Nasdaq surge higher after last week’s falls due to a rotation away from megacaps. Vice President Kamala Harris secures delegate backing for Democratic nomination after President Joe Biden withdraws from race.

General Motors raised annual profit forecast after beating second-quarter earnings estimates by 31 cents. GM sees full-year adjusted earnings of $9.50 to $10.50 a share and plans to produce 200,000 to 250,000 EVs this year. Coca-Cola also reported a 15% organic sales increase and improved operating margins year-over-year, leading to a lift in guidance. PepsiCo, on the other hand, delivered results opposite to Coke’s positive report. FedEx is considered a solid play for cost-cutting, while UPS had another tough quarter, leading to a cut in full-year operating margins.



Read more at Yahoo Finance: US futures waver amid earnings flood, with Big Tech on deck