Pre Open US - US Indices 28 July 2023

The S&P 500 futures showed a rise of 0.56%, while the Nasdaq 100 futures experienced a 0.98% increase.

During the ongoing earnings season, Procter & Gamble, a member of the Dow, saw its shares gain more than 1.1% in premarket trading on Friday. The consumer goods company, known for brands like Tide, surpassed analysts' expectations for both earnings and revenue in its latest quarter.

Intel's stock surged by over 7% as investors celebrated the company's return to profitability. Similarly, Roku's shares climbed by 8% after surpassing Wall Street's expectations for both revenue and profit.

However, Ford Motor's shares dropped approximately 1.4%, despite the automaker beating estimates and raising its guidance. The decline was attributed to the company reporting delays in its electric vehicle adoption due to higher costs.

Investors also took note of the June data for the personal consumption expenditures price index. The data indicated that the core PCE had a month-over-month increase of 0.2%, in line with economists' expectations polled by Dow Jones, which also holds particular significance after the central bank's expected decision to raise interest rates earlier in the week. The Federal Reserve aims to maintain an annual inflation target of 2%.

The Nasdaq is currently undergoing a correction but finding support around the 15400-support level, 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.