U.S. equity futures are higher in early trade after President Trump announced a trade deal with Japan, bolstering sentiment around ongoing international negotiations. Dow futures are up 217 points (+0.5%), S&P 500 futures rise 0.4%, and Nasdaq-100 futures gain 0.2%. The agreement includes reciprocal 15% tariffs and signals potential momentum for an EU deal ahead of the August 1 deadline.
Tuesday’s session saw the S&P 500 notch its 11th record close of the year, finishing up 0.06%. The Dow rose nearly 180 points, while the Nasdaq Composite fell 0.4% as chipmakers lagged.
Market focus today shifts squarely to earnings, particularly after the close, with Alphabet and Tesla set to kick off Big Tech season.
14:00 GMT – Existing Home Sales (USD)
Forecast: 4.03M | Previous: 4.00M
Housing strength may support soft-landing narratives. A beat could bolster cyclical and homebuilder sentiment.
14:30 GMT – Crude Oil Inventories (USD)
Forecast: -3.9M | Previous: -1.4M
Energy traders will assess demand trends; a smaller draw may weigh on crude and energy equities.
Before the open:
After the close:
S&P 500 E-mini Futures last traded at 6,369.75. Resistance is at 6,400.00 and 6,450.00. Support sits at 6,241.00, then 6,123.10 (50-day MA) and 6,004.76 (200-day MA).
Nasdaq-100 Futures last traded at 23,247.25. Resistance is at 23,424.75. Support lies at 22,803.00, followed by 22,266.00 (50-day MA) and 21,392.11 (200-day MA).
Dow Jones Futures last traded at 44,917. Resistance levels are 45,043 and 45,177. Support sits at 43,973, then 43,581.00 (200-day MA) and 43,471.70 (50-day MA).
With futures lifted by geopolitical tailwinds and a packed earnings calendar, today’s session hinges on how Alphabet and Tesla shape market tone post-close. Strong reports from Big Tech could reinforce bullish sentiment, especially after a record-setting streak for the S&P 500. However, any downside surprises from TSLA or GOOGL may trigger sharp rotation, particularly in overbought tech names.
Traders should expect afternoon chop and pre-earnings gamma pinning, with volatility likely to expand into the 20:00 GMT hour. A firm close above S&P 6,400 would confirm upward momentum and raise sights toward 6,450.
More Information in our Economic Calendar.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.