Wall Street futures are indicating a moderate decrease as we approach the opening bell on Wednesday, primarily influenced by disappointing earnings reports from major tech giants such as Alphabet and Tesla, which have dampened confidence in the technology sector. The pre-market trading shows a 0.7% decline for the S&P 500, while the Nasdaq is down by 1%, and the Dow Jones Industrial Average registers a decrease of 0.4%.
In specific corporate movements, Thermo Fisher Scientific reported quarterly earnings and revenue that marginally surpassed analysts' expectations. Nevertheless, this has not prevented its stock from dropping 0.4% in pre-market trading. Overnight, Asian stock exchanges have traded lower, affected by a strengthening yen and persistent concerns regarding the economic growth trajectory of China.
Subsequently, European markets followed suit, tracking moderately lower during midday trading. Looking ahead, investors are keeping a close eye on the economic calendar. The S&P PMI composite flash report for July is scheduled to be released at 9:45 AM ET, followed by the June new home sales report at 10 AM.
Additionally, the weekly EIA petroleum status report will be published at 10:30 AM, leading to the Atlanta Fed's Survey of Business Uncertainty bulletin for July, set to be released at 11 AM. In premarket trading, Bitcoin prices are reported at $66,483, indicating a level of interest in cryptocurrencies amidst traditional market fluctuations.
Meanwhile, West Texas Intermediate crude oil prices have risen to $77.59, reflecting ongoing market dynamics. The yield on 10-year US Treasuries has settled at 4.25%, while spot gold is trading at a noteworthy $2,414 per ounce. This indicates a shifting landscape for commodities as investors seek safe-haven assets amidst market uncertainties.
Overall, the sentiment in the market leans towards caution as traders digest the latest company earnings and economic indicators..