The Day Ahead: Markets Brace for Services PMI and Tech Earnings Today

Market Overview

U.S. equity futures are slightly higher early Tuesday, building on Monday’s rebound that snapped a four-session slide. S&P 500 futures are up 0.1%, Nasdaq 100 futures are gaining 0.2%, and Dow futures are adding 0.1%.

Monday’s rally saw the S&P 500 jump 1.5%, the Nasdaq Composite surge nearly 2%, and the Dow Jones Industrial Average climb 585 points, recovering Friday’s tariff-driven losses. Over 80% of S&P 500 components advanced.

Palantir Technologies (PLTR) is up 5% pre-market after reporting its first-ever quarter with revenue above $1 billion. Hims & Hers Health (HIMS) fell more than 13% on a Q2 revenue miss.

Today’s trade is focused on another heavy earnings calendar and upcoming U.S. services and trade data.

Key Economic Releases

• 12:30 GMT – Trade Balance (Jun): Forecast -$71.5B (prior -$62.6B)
• 13:45 GMT – Final Services PMI (Jul): Forecast 55.2 (prior 55.2)
• 14:00 GMT – ISM Services PMI (Jul): Forecast 50.8 (prior 51.5)
• Tentative – RCM/TIPP Economic Optimism (Aug): Forecast 48.6 (prior 49.2)

ISM Services PMI will be the focal point. A downside miss could raise expectations for Fed easing, while a stronger print would temper rate cut bets.

Notable Earnings

Before the open:

• Pfizer Inc. (PFE): $0.60 EPS est.
• Yum! Brands Inc. (YUM): $1.46 EPS est.
• Fox Corporation (FOXA): $0.99 EPS est.
• Caterpillar Inc. (CAT): $4.89 EPS est.
• Duke Energy Corp. (DUK): $1.18 EPS est.
• Cummins Inc. (CMI): $5.23 EPS est.
• Archer-Daniels-Midland Co. (ADM): $0.84 EPS est.
• Ball Corporation (BALL): $0.87 EPS est.

After the close:

• Advanced Micro Devices Inc. (AMD): $0.48 EPS est.
• Snap Inc. (SNAP): -$0.15 EPS est.
• Rivian Automotive Inc. (RIVN): -$0.65 EPS est.
• Amgen Inc. (AMGN): $5.28 EPS est.
• Arista Networks Inc. (ANET): $0.65 EPS est.
• Match Group Inc. (MTCH): $0.49 EPS est.
• Devon Energy Corp. (DVN): $0.87 EPS est.
• Lucid Group Inc. (LCID): -$0.21 EPS est.

Technical Outlook

The S&P 500 E-mini last traded at 6,371.50. Resistance is seen at 6,468.50. Support sits at 6,197.60 (50-day MA), followed by 6,021.32 (200-day MA), and 5,959.00.

The Nasdaq 100 E-mini last traded at 23,373.25. Resistance is near 23,845.00. Support levels are 22,594.40 (50-day MA), 21,494.83 (200-day MA), and 22,582.00.

The Dow Jones E-mini last traded at 44,235.00. Resistance is at 45,312.00. Support is defined at 43,811.00 (50-day MA), followed by 43,607.00 (200-day MA), and 42,088.00.

Outlook

Equities have regained upward momentum following Monday’s broad-based rally. With key services data and earnings from AMD, Snap, and Rivian still ahead, traders should brace for volatility. Trend remains constructive, but incoming data and earnings strength will dictate direction.

More Information in our Economic Calendar.