Futures Flat Ahead Of First Mag7 Reports: Alphabet, Tesla Earnings On Deck
Futures Flat Ahead Of First Mag7 Reports: Alphabet, Tesla Earnings On Deck US equity futures reversed earlier losses and were modestly in the green with small-caps leading and Tech lagging, following the partial retracement from yesterday and weaker Semis earnings last night. As of 7:30am, S&P futures are up 0.1%, while Nasdaq futs are 0.1% in the red with Mag7 stocks mostly flat/up ex-NVDA which is -80bps, lower with most other Semis names after disappointing earnings from NXP Semi which dropped 9% in premarket after giving a third-quarter revenue forecast that was weaker than expected. Reports after the close from GOOG/TSLA/TXN are important for the Tech trade. Bond yields are lower, USD is flat, and commodities are weaker though WTI is higher. Macro data is primarily regional activity indicators ahead of tomorrow''s Flash PMIs. There is a 2Y bond auction today; rates traders are looking for a modest concession. In premarket trading, NXP Semiconductors shares dropped 7.9%, after the semiconductor device company gave a third-quarter revenue forecast that was weaker than expected.
https://www.zerohedge.com/markets/futures-flat-ahead-first-mag7-reports-alphabet-tesla-earnings-deck