Pre Open US - US Indices 2 Aug 2023

During Tuesday's trading session, S&P 500 and Nasdaq-100 futures declined by 0.9% and 1.1% respectively. Fitch Ratings downgraded the U.S.'s long-term foreign currency issuer default rating to AA+ from AAA, citing an anticipated fiscal deterioration over the next three years. On the positive side, Advanced Micro Devices saw a 1% rise in extended trading due to better-than-expected quarterly results, while SolarEdge Technologies experienced a 12% drop after missing second-quarter revenue expectations.

August started with a lackluster first day of trading in the S&P 500, which fell by 0.27%, and the Nasdaq Composite declined by 0.43%. However, the Dow Jones Industrial Average managed to add 71.15 points or 0.2%, reaching its highest level since February 2022 at one point during the session.

Earnings season is progressing well, with about 82% of S&P 500 companies reporting positive surprises according to FactSet data. This trend has boosted bullish investor sentiment and continued the market's recovery since the third quarter began.

Traders are anticipating the July ADP jobs report on Wednesday before the open. Economists expect a 175,000 increase, which would be lower than the 497,000 rise in the prior month.

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.