Pre Open US - US Indices 4 Aug 2023

Futures tied to the tech-heavy index and S&P 500 futures remained relatively stable. After the closing bell on Thursday, a flood of earnings reports prompted significant movements in individual stocks. Amazon's stock surged by 8.7% after surpassing profit expectations and providing positive guidance. On the other hand, Apple's stock declined around 2.3% as its revenue fell short of the year-ago quarter's results.

Apart from the major tech companies, Airbnb's stock declined due to slower growth in nights and experiences booked, disappointing Wall Street's expectations. However, DraftKings experienced a 12% increase in its stock price, exceeding analysts' predictions.

According to FactSet, around 79% of S&P 500 companies have released their results, with approximately 80% of them surpassing Wall Street's expectations during this earnings season.

Economists surveyed by Dow Jones are anticipating a 200,000 increase in nonfarm payrolls for July, while the unemployment rate is expected to remain steady at 3.6%. Additionally, economists expect average hourly wages to rise by 0.3% from June and 4.2% on an annualized basis.

Nasdaq formed a double top and is now at its support level of 15350. A breakout may take the price down toward 15000 followed by 14000.