5 things to know before the stock market opens on Wednesday

Stock futures are lower this morning as investors await Big Tech earnings reports, Alphabet, Tesla and other major tech companies are scheduled to release results after the closing bell; AT&T and GE Vernova headlined this morning’s batch of quarterly reports; Supermicro shares are soaring after the server maker provided fresh guidance on profitability; and SpaceX has set a date for its first earnings report as a public company. Here’s what you need to know today.

Stock Futures Slip as Big Tech Earnings Reports Loom

Stock futures are pointing to a lower open on Wednesday ahead of the release later today of earnings reports from several tech giants. Futures tied to the tech-heavy Nasdaq and the benchmark S&P 500 were recently down 1% and 0.4%, respectively, while Dow Jones Industrial Average futures fell 0.3%. The major indexes closed solidly higher yesterday, snapping a three-day losing streak, as chip and memory stocks climbed. WTI oil futures were up more than 4% at around $88 per barrel, trading at their highest levels in six weeks, as the Iran war continued with no signs of progress toward peace talks. Gold futures rose 1% to $4,130 an ounce, while bitcoin was holding steady at around $64,300. The yield on the 10-year Treasury note, which affects interest rates on consumer loans, rose to 4.64%, its highest level in two months.

Alphabet, Tesla Set to Release Results After Closing Bell

The ‘Magnificent 7’ earnings season kicks off tonight, with Google parent Alphabet (GOOGL) and Elon Musk’s Tesla (TSLA) set to release quarterly results after the closing bell. The report from Alphabet, which is expected to report a 20% increase in revenue from a year ago, will drive expectations for cloud computing competitors such as Microsoft (MSFT) and Amazon (AMZN) that are scheduled to report their quarterly numbers next week. Tesla, which has been gradually shifting the focus of its business to AI initiatives such as fully autonomous vehicles and humanoid robots, has reported strong EV sales recently. International Business Machines (IBM) and Texas Instruments (TXN) are also due to report later today.

AT&T, GE Vernova Headline This Morning’s Reports

Shares of a handful of big-name companies are on the move this morning after their quarterly reports. AT&T (T) stock was up more than 4% in recent premarket trading after the telecommunications giant reported a higher-than-expected profit for the second quarter. Shares of GE Vernova (GEV) were down 7% even as the energy technology company raised its full-year guidance, as last quarter’s earnings came in below expectations. Among other companies reporting this morning, shares of tobacco company Phillip Morris (PM) were down 1%, while exchange operator CME Group (CME) added 1%.

Supermicro Stock Soars as Company Points to Higher Profitability

Shares of Super Micro Computer (SMCI) jumped in premarket trading after the server maker said its profitability was higher in the latest quarter than previously expected. In preliminary numbers released late Tuesday, Supermicro said that adjusted gross margin for the quarter ended on June 30 should be in the range of 15% to 17%, compared to the company’s previous guidance of 8.2% to 8.4%. Supermicro also said that revenue for its just-completed fiscal fourth quarter is estimated at the low end of its $11 billion to $12.5 billion range of guidance, but noted that its order backlog surged in the latest quarter. Supermicro shares, which have lost about half their value over the past year amid a series of setbacks, were up more than 15% ahead of the opening bell. Supermicro is scheduled to release its full earnings report on Aug. 11.

SpaceX Snaps Skid as Earnings Date Set

SpaceX (SPCX) shares are little-changed this morning after rising yesterday for the first time in eight sessions. Yesterday’s rebound came after Elon Musk’s space exploration, AI and connectivity company announced the date for its first earnings release as a publicly traded company. SpaceX is set to release its second-quarter results on Aug. 4, which is important not just because it will provide a clearer picture of how the company is doing financially but because it’s the trigger for the expiration of certain lock-up agreements that kept early investors and employees from selling stock. That could add pressure to SpaceX shares, which remain below their $135 IPO price and down 45% from the high set a few days after the stock started trading in mid-June.

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