US Stock Market Preview: Mixed Futures, Google and ServiceNow Up, Tesla Down Over 6%
Pre-Market Update on US Stocks
On Thursday morning, US stock futures showed mixed results. The Dow futures fell by 0.46%, while the Nasdaq futures rose by 0.34%.
Major Tech Stocks
Most prominent tech stocks saw gains in pre-market trading:
- Google rose nearly 4%
- Broadcom increased over 2%
- AMD gained over 1%
- Tesla dropped more than 6%
Chinese Stocks
Popular Chinese stocks exhibited mixed performance:
- Bilibili fell nearly 4%
- Pinduoduo and NIO both rose over 1%
Tesla's Q2 Performance
Tesla's pre-market drop of 6.07% to $312.36 was attributed to disappointing Q2 results and a lowered full-year capital expenditure forecast.
- Expected capital expenditure for the year is now over $9 billion, down from over $10 billion.
- Q2 revenue fell 12% year-on-year, and EPS dropped 23%.
- Carbon credit sales halved compared to last year.
Google's Strong Earnings
Google's stock rose over 3% in pre-market trading after reporting strong Q2 earnings:
- Revenue increased 14% year-on-year to $96.43 billion.
- EPS grew 22% to $2.31, exceeding expectations.
- Google Cloud revenue surged 32% to $13.62 billion.
ServiceNow's Positive Outlook
ServiceNow's stock rose over 7% after exceeding Q2 expectations and raising its fiscal outlook:
- Q2 profit was $385 million, up from $262 million last year.
- Revenue grew approximately 23% to $3.22 billion.
Other Notable Stocks
- Chipotle Mexican Grill fell nearly 12% due to a 4% decline in same-store sales.
- American Airlines dropped over 6% after predicting larger-than-expected Q3 losses.
AgEagle's Drone Certification
AgEagle's stock surged 15% after its eBee VISION drone received Blue UAS certification, allowing it to be procured by the US Department of Defense.
Market Sentiment and Economic Outlook
Morgan Stanley analysts warned of potential cracks in the US stock market in the second half of the year, suggesting that the current optimism may be misplaced.
EU's Tariff Measures
The EU has approved a plan to impose €93 billion in tariffs on US products, consolidating two lists of retaliatory tariffs.
Upcoming Economic Data
Key economic data releases include:
- Initial jobless claims for the week ending July 19
- S&P Global Manufacturing and Services PMI for July
- New home sales for June
This summary captures the key movements and expectations in the US stock market and notable corporate performances.
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