Pre Open US - US Indices 18 July 2023

S&P 500 futures and Nasdaq-100 futures experienced slight declines. Bank of America announced second-quarter earnings that surpassed expectations, attributed to higher interest rates. Additionally, Bank of N.Y. Mellon also exceeded earnings expectations, resulting in a more than 1% increase in its stock price. On the other hand, PNC Financial reported mixed second-quarter numbers, causing its stock to drop by over 2%.

J.B. Hunt is scheduled to release its earnings report later today. The ongoing earnings season has had a strong start, with approximately 82% of the reported S&P 500 companies surpassing profit estimates, according to FactSet.

As inflation data in recent times supports the notion of a soft-landing scenario for many investors, stocks have continued their rally this year. However, some skepticism remains.

The Nasdaq once again reached 15,720, nearing the resistance level around 15,800, aligning with the upper parallel of the current daily bullish channel. It has now entered the final phase of its climb towards the 16,800 level, last witnessed in November 2022.