Stock Market Update

The S&P 500 futures are up three points and are trading 0.1% above fair value, the Nasdaq 100 futures are down 10 points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are up 20 points and are trading 0.1% above fair value.

Contracts linked to the S&P 500, Nasdaq 100, and Dow Jones Industrial Average are little changed after yesterday's broad rebound. Market participants are digesting a slate of earnings news, which has garnered mixed responses.

UPS (UPS) is a standout, showing a solid pre-open loss after its report while General Motors (GM) is a winning standout, up 5% ahead of the open after better than expected results.

The 10-yr note yield is down two basis points to 4.24%. The 2-yr note yield is unchanged at 4.52%. 

Today's economic lineup features the June Existing Home Sales report at 10:00 ET. 

In corporate news:

• Alphabet (GOOG 183.75, +0.40, +0.2%): Google discussions to acquire Wiz have broken down, according to WSJ
• UPS (UPS 132.53, -12.65, -8.7%): misses by $0.20, misses on revs; guides FY24 revs above consensus; restarts buyback; to acquire Estafeta; financial details not disclosed
• General Motors (GM 51.95, +2.39, +4.8%): beats by $0.35, beats on revs; raises FY24 EPS and EBIT guidance
• SAP SE (SAP 213.03, +12.56, +6.3%): reports EUR0.06 beat, beats on revs
• NXP Semi (NXPI 262.50, -21.75, -7.7%): reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus
• Comcast (CMSA 39.85, +0.32, +0.8%): beats by $0.09, misses on revs
• Lockheed Martin (LMT 485.20, +10.61, +2.2%): beats by $0.65, beats on revs; guides FY24 EPS in-line, revs above consensus
• Coca-Cola (KO 65.70, +0.93, +1.4%): beats by $0.03, beats on revs; guides FY24 EPS in-line
• Sherwin-Williams (SHW 340.01, +17.66, +5.5%): beats by $0.21, reports revs in-line; guides Q3 revs in-line; guides FY24 EPS in-line, lowers FY24 revenue outlook
• Danaher (DHR 270.00, +19.11, +7.6%): beats by $0.15, beats on revs
• PulteGroup (PHM 127.00, +1.36, +1.1%): beats by $0.56, beats on revs

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei: UNCH, Hong Kong's Hang Seng: -0.9%, China's Shanghai Composite: -1.7%, India's Sensex: -0.1%, South Korea's Kospi: +0.4%, Australia's ASX All Ordinaries: +0.5%.
  • In economic data:
    • Japan's May BoJ Core CPI 2.1% yr/yr (last 2.1%)
    • South Korea's June PPI -0.1% m/m (last 0.1%); 2.5% yr/yr (last 2.3%)
    • Singapore's June CPI -0.2% m/m (last 0.7%); 2.4% yr/yr (expected 2.7%; last 3.1%). June Core CPI 2.9% yr/yr (expected 3.0%; last 3.1%)
  • In news:
    • There is some uncertainty about the likelihood of a rate hike at next week's policy meeting at the Bank of Japan.
    • Press reports suggested that Japanese officials are considering a minimum wage hike.
    • China is attempting to mediate the Israel-Hamas conflict.
    • India's government presented a full budget for 2024, which includes higher capital gains taxes.
• Major European indices trade in positive territory with help from improved guidance from SAP and Logitech. STOXX Europe 600: +0.6%, Germany's DAX: +1.2%, U.K.'s FTSE 100: +0.3%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.7%.
  • No data today
  • In news:
    • European Central Bank policymaker De Guindos said that September is a more convenient time for decision making.
    • France is likely to remain without a full-time prime minister until the conclusion of the Olympic Games in mid-August.
    • Porsche lowered its outlook for the year.