S&P 500 and Nasdaq futures decline as investors brace for Alphabet, Tesla, and IBM earnings after market close.
US equity futures edged lower in early trading, with tech shares leading the decline. S&P 500 futures fell 0.4%, Nasdaq futures dropped 0.9%, and Dow futures slipped 0.3% amid rising oil prices and sustained bond yields. Investors largely ignored yesterday’s yield surge, but persistent pressures may limit further gains.
The focus shifts to after-hours earnings from Alphabet and Tesla, with Intel’s report due tomorrow. IBM’s results will also draw attention following a rare Q2 pre-announcement on July 14, where revenue missed estimates and capital expenditure priorities were criticized. CEO Arvind Krishna acknowledged the company’s underperformance, raising concerns ahead of today’s release.
IBM shares hover near November 2024 lows and the 200-week moving average, adding technical pressure. While earnings may not move markets significantly, further downside could exacerbate the stock’s recent decline.