Pre Open US - US Indices 8 Aug 2023

S&P 500 futures and Nasdaq 100 futures both experienced a 0.5% decline. Bank shares saw a widespread decrease following Moody’s credit rating downgrade for multiple banks, which included M&T Bank and Pinnacle Financial. Additionally, the Bank of NY Mellon and State Street are under review by the credit agency for potential downgrades.

Goldman Sachs and JPMorgan Chase displayed lower premarket trading. The premarket performance of the SPDR S&P Bank ETF (KBE) showed a 2.3% slip, while the SPDR S&P Regional Banking ETF (KRE) dipped by 2%. In the midst of earnings season, UPS shares fell by over 5% as the delivery company reported Q2 revenue below expectations and revised its full-year revenue projection.

Nasdaq is forming a double top and currently testing its support level at 15250. If there's a breakout, the price may decline towards 15000, and subsequently 14000.