As traders prepare for the upcoming market opening, Wall Street futures have pointed moderately higher. This trend reflects the ongoing analysis of the Federal Reserve's potential for rate cuts and the evolving earnings season across various sectors. Currently, in the futures market, the S&P 500 has seen a gain of 0.4%, while the Nasdaq also edged up by 0.4%.
The Dow Jones Industrial Average recorded a slight increase of 0.1%, indicating a moderately positive sentiment among investors. In the bonds market, yields on the 10-year US Treasuries have dipped to approximately 4.05% in premarket trading, suggesting a shift in investor confidence towards riskier assets as they anticipate the Fed's next moves. Shares of Meta Platforms (META) surged by approximately 6.1% during pre-bell trading after the social media giant delivered robust results for Q2 along with optimistic forward guidance late Wednesday.
This performance underscores the growing revenue potential in the digital advertising sector, which many investors are closely monitoring. Meanwhile, Carvana (CVNA) experienced a significant uptick of 13.8% following its release of Q2 earnings that showcased a triumphant return to profitability, alongside improved revenue figures for the quarter.
The online used auto retailer's resurgence highlights shifting consumer behaviors towards online vehicle purchases. Looking ahead, major corporations like Apple (AAPL) and Amazon.com (AMZN) are set to unveil their earnings after the market closes, drawing significant market attention and potentially impacting stock valuations across the tech sector. Overnight trading on Asian exchanges was predominantly bearish, attributed to a softer yen and disappointing industrial reports from China, reflecting broader economic struggles.
European markets also tracked moderately downward during midday trading. Earnings reports from companies including ConocoPhillips (COP) and Southern Co. (SO) are on the horizon, with both expected to release their financial results pre-bell, which could further shape market dynamics as investors digest this incoming information. The economic calendar is packed today, featuring the Challenger Job-Cut Report for July scheduled to be released at 7:30 am ET.
This will be followed by the weekly jobless claims data and the Q2 productivity and costs report at 8:30 am. Later in the morning, the US manufacturing PMI for July will be finalized and made public at 9:45 am, followed closely by the ISM manufacturing index for the same month and the June construction spending report at 10 am. Additionally, the EIA's domestic natural gas report is anticipated at 10:30 am, which could influence energy markets as traders react to the latest supply data. In the realm of cryptocurrencies, Bitcoin is trading at an impressive $64,448, while West Texas Intermediate crude oil prices hover higher around $78.45.
Furthermore, the yield on the 10-year US Treasuries remains at 4.05%. Gold, a key safe-haven asset, is trading at $2,435 per ounce, appealing to investors looking for stability amidst market volatility. With the anticipation of major earnings reports and economic indicators being released today, investors are keenly evaluating their options, considering the implications of potential Federal Reserve rate cuts on their portfolios and market sectors in the forthcoming trading sessions..