Dow Jones Today: Stock Futures Little Changed Amid Barrage of Earnings Reports; S&P 500, Nasdaq Enter the Day at Record Levels
QQQ Levels to Watch Ahead of Big Tech Earnings
9 minutes ago
The Invesco QQQ Trust (QQQ) came into Tuesday’s session at its highest ever level as investors await earnings reports this week from major technology companies.
EV maker Tesla (TSLA) and Google parent Alphabet (GOOGL) and computing giant IBM (IBM) are due to report quarterly results after the closing bell Wednesday, while embattled chipmaker Intel (INTC) is scheduled to release its earnings reports late Thursday.
The QQQ, which tracks the performance of the tech-heavy Nasdaq 100 Index, has received a boost in recent months from improved sentiment surrounding technology stocks as concerns about tariffs have eased and economic data reports have remained strong.
Through Monday’s close, the ETF had rebounded 40% from its early-April low and was up 10% since the start of the year. The QQQ was down 0.8% at around $560 in recent trading.
After breaking out from a flag pattern late last month, QQQ’s price has continued its move into price discovery. Importantly, the breakout coincided with the 50-day moving average (MA) crossing above the 200-day MA to form a golden cross, a bullish chart signal that indicates the start of a new uptrend.
Moreover, the relative strength index has remained near its overbought threshold since early May, confirming the fund’s strong price momentum.
The measured move technique forecasts a near-term price target of $589. Investors should monitor crucial support levels on QQQ’s chart around $540 and $515.
Read the full technical analysis piece here.
Coca-Cola Profits Top Estimates, Sales Come in Short
1 hr 24 min ago
The Coca-Cola Company (KO) posted better second-quarter profits than analysts had projected on Tuesday morning, while sales fell short.
The soda maker said Tuesday it earned a “comparable,” or adjusted, $0.87 per share, 4 cents better than estimates, while revenue rose 1% to $12.5 billion in the quarter, just below the analyst consensus compiled by Visible Alpha.
Coca-Cola narrowed its full-year profit forecast, saying it expects comparable EPS to grow by about 3% from $2.88 in 2024, compared to its previous 2% to 3% range. Comparable revenue and EPS are each expected to be negatively impacted by currency exchange rates in the third quarter and second half of the year, the company said.
Shares were down nearly 1% shortly after the results were released. They entered Tuesday up about 13% since the start of this year.
Coca-Cola said in Tuesday’s release that it plans “to launch an offering made with U.S. cane sugar to expand its Trademark Coca-Cola product range” this fall. The company said the new U.S. product is “designed to complement the company’s strong core portfolio and offer more choices across occasions and preferences.”
The announcement comes after President Donald Trump last week said the company had agreed to sweeten its iconic soda with cane sugar as officials in his administration have pushed food companies to abandon certain ingredients such as artificial dyes and high fructose corn syrup.
The maker of its namesake beverage, Sprite, and dozens of others topped profit estimates while sales fell short last quarter, as the company said it expected a “manageable” impact from tariffs over the full year. Analysts said ahead of the report that Coca-Cola’s biggest tariff headwinds would likely be from fruit juice and aluminum it imports to make its products.
Soda rival PepsiCo (PEP) topped estimates in its own second-quarter report last week, touting strong international sales growth.
Major Stock Index Futures Little Changed
1 hr 46 min ago
Futures tied to the Dow Jones Industrial Average down 0.1%.
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S&P 500 futures rose fractionally.
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Nasdaq 100 futures were down less than 0.1%.
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