Pre Open US - US Indices 1 Aug 2023
The S&P 500 and Nasdaq-100 futures both experienced losses, with the former losing 0.3% and the latter losing 0.5%. Pharmaceutical giant Merck reported a loss less than anticipated and exceeded revenue expectations, thanks to strong Keytruda sales. Consequently, Merck's shares increased by 1%. On the other hand, Caterpillar also reported earnings and revenue beyond expectations, but its stock remained flat.
Pfizer's results were mixed as Covid product sales plummeted, while Uber's numbers were also mixed but resulted in a surprise profit, leading to a more than 4% increase in its shares before the bell.
Over 160 S&P 500 constituents are scheduled to report their latest quarterly results this week. More than half of the companies in the broad market index have already reported, with 80% posting earnings beats, according to FactSet.
On Tuesday, economic indicators, including job openings and labor turnover numbers from June and the July manufacturing purchasing managers’ index, will also be released.
Nasdaq corrected from 15400 but 15900 a resistance level keeps being the challenge for any new higher highs. The bullish long channel technically needs a correction after the actual rally.