US equity futures remained relatively stable in the pre-bell session on Tuesday, as market participants cautiously anticipated quarterly earnings from major players in the technology sector, notably Alphabet and Tesla. The Dow Jones Industrial Average futures saw a slight gain of 0.05%, while S&P 500 futures rose by 0.1%.
Meanwhile, Nasdaq futures showed minimal movement, reflecting a wait-and-see approach from traders ahead of the significant earnings reports scheduled for after the market closes. As the market gears up for these earnings, investors are keenly focused on the performance metrics that could sway overall market sentiment.
Both Alphabet and Tesla have been pivotal in shaping the tech landscape, and their quarterly results are greeted with extensive interest given their historical impacts on market trends. In addition to the tech earnings, crude oil prices also took a hit, showing declines with North Sea Brent crude experiencing a drop of 0.5%, bringing it down to $81.97 per barrel.
US West Texas Intermediate followed closely, decreasing by 0.6% to $77.95 per barrel. This decline in oil prices comes amid renewed optimism surrounding a potential ceasefire in Gaza, impacting global market dynamics. Further economic insights are expected with existing home sales data, scheduled for release at 10 am ET.
Estimates from Bloomberg suggest that existing home sales are likely to decrease to an annualized rate of 3.99 million in June, a dip from May’s rate of 4.11 million. This downturn in housing market activity could further reflect on broader economic trends and consumer confidence, making it a crucial data point for analysts and investors alike. As Tuesday progresses, all eyes will be on the reactions from major stocks and economic indicators as the market looks to navigate through this crucial reporting period..