S&P 500 and Nasdaq futures are below breakeven this morning
Wall Street has a slew of big-name earnings reports to unpack this morning. Dow Jones Industrial Average (DJIA) futures are flat, while futures on both the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are pointed below breakeven. Investors continue to weigh the prospect of interest rate cuts at the upcoming Federal Reserve meeting next week and in September. Also in focus today is manufacturing data out of Philadelphia, with services activity for July hitting its lowest level in more than a year.
Continue reading for more on today's market, including:
- Senior V.P. of Research Todd Salamone hones in on a key SPX trendline.
- 3 bank stocks to buy on the dip.
- Plus, Coca-Cola's beat-and-raise; weak demand dings UPS; and GM pops.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 861,866 put contracts exchanged on Monday. The single-session equity put/call fell to 0.55, while the 21-day moving average remained at 0.66.
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Coca-Cola Co (NYSE:KO) stock is up 1.6% in premarket trading, after the company announced better-than-expected earnings and revenue for the second quarter. Plus, the
beverage giant lifted its full-year forecast thanks to strong demand. KO is 9.9% higher in 2024.
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United Parcel Service, Inc. (NYSE:UPS) reported a top- and bottom-line miss for the second quarter, and also lowered its 2024 revenue outlook amid weak demand and
lower prices. UPS is down 8.4% ahead of the open, and shed 22.5% over the last 12 months.
- Shares of General Motors Co (NYSE:GM) are up 3.9% before the bell, after the car maker announced a second-quarter earnings and revenue beat. GM already sports a 38% year-to-date lead.
- Blue-chip earnings and more economic data on tap this week.
Asian Markets Lower After South Korea's PPI Reading
Asian markets finished mostly lower on Tuesday, with the exception of the South Korean Kospi, which nabbed a 0.4% win after the country’s producer price index (PPI) rose 2.5% year-over-year in June – up 0.2% from May. Plus, shares of messaging app Kakao dropped after reports of an arrest warrant issued by the South Korean court for founder Brian Kim over allegations of market manipulation. Rounding out the region, Hong Kong’s Hang Seng fell 0.9%, while Chinas Shanghai Composite and Japan’s Nikkei shed 1.7% and 0.01%, respectively.
European markets are mixed at last glance, as investors assess a flood of earnings reports. London’s FTSE 100 is down 0.1%, the French CAC 40 is up 0.1%, and the German DAX is 1% higher.