Pre Open US - US Indices 21 July 2023

Stock Futures Rise Amid Mixed Corporate Earnings; Oil Price Surge, China's Role, and Cryptocurrency Decline Analyzed

On Friday, stock futures rose as traders assessed the latest corporate earnings results, and the Dow Jones Industrial Average aimed to extend its winning streak to 10 sessions. S&P 500 futures gained 0.3%, while Nasdaq-100 futures ticked up 0.5%.

Corporate earnings have been mixed thus far. Seventy-three percent of S&P 500 companies have already reported exceeding analysts’ expectations, according to FactSet data. However, that beat rate is below a three-year average of 80%, according to The Earnings Scout.

Netflix Inc. and Tesla Inc. climbed in pre-market trading. Both stocks led the Nasdaq 100 Index to sharp losses on Thursday on the back of results that disappointed investors. American Express Co. fell almost 3% in the premarket after missing revenue forecasts.

Regional Banks were higher in premarket trading on Friday, with the SPDR S&P Regional Banking ETF (KRE) up more than 9% since Monday.

The Nasdaq technically started a correction after touching an important resistance level and came back by 2.3% yesterday. The next support is around the 15250 level.