Pre Open US - US Indices 25 July 2023

The S&P 500 futures registered a modest increase of 0.1%, and the Nasdaq-100 futures showed a more substantial climb of 0.3%. General Motors experienced a rise of over 1% in its shares after raising its full-year earnings guidance. General Electric also saw a significant 4% increase, fueled by stronger-than-expected revenue in the second quarter.

The positive earnings season has contributed to the ongoing market rally. However, market participants are anxiously anticipating the Federal Reserve's policy decision, scheduled for Wednesday. According to the CME FedWatch Tool, there is a 98% probability of a quarter-point hike in the Fed funds futures data. Investors are particularly interested in hearing Chair Jerome Powell's economic outlook and how the Federal Reserve plans to address the issue of inflation.

After the market closes, there are high-profile technology companies, Alphabet and Microsoft, slated to announce their quarterly results. This announcement will be closely watched by Wall Street. Additionally, July's consumer confidence data will be another key factor to consider in the market's assessment.

The Nasdaq is currently undergoing a correction, heading towards the next support level of around 15,250. If it breaks below 15,250, it may further decline toward the median line at approximately 14,750.