US open: Stocks higher ahead of tech earnings

dl wall street wall st new york city new york stock exchange nyse dow jones nasdaq street sign nyc united states usa america pb — Sharecast / Alessandro D Andrea via Pixabay

Wall Street stocks were in the green early on Tuesday as market participants looked ahead to a handful of big-name earnings reports after the close.

As of 1630 BST, the Dow Jones Industrial Average was up 0.11% at 40,459.79, while the S&P 500 advanced 0.30% to 5,581.28 and the Nasdaq Composite came out the gate 0.56% firmer at 18,108.63.

The Dow opened 44.35 points higher on Tuesday, extending gains recorded in the previous session.

Both Google parent company Alphabet and electric carmaker Tesla were slated to report earnings after the close of trading on Tuesday - Wall Street's first taste of major tech earnings so far this season.

Elsewhere, soft drinks giant Coca-Cola hiked its full-year guidance on the back of increased global demand throughout Q2, while cigarette maker Philip Morris reported a 34% jump in quarterly profits amidst an "outstanding" quarter in which revenues topped estimates.

On the macro front, existing home sales fell by 5.4% in June, according to the National Association of Realtors, hitting an annualised rate of 3.89m units, the sharpest monthly decline since 2022.

"We're seeing a slow shift from a seller's market to a buyer's market,” said NAR chief economist Lawrence Yun. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis."

On another note, the Richmond Fed's manufacturing index declined for a second month in a row, hitting -17 in July for the lowest reading since May 2020, down from -10 in June and missing expectations of a slight improvement to -7.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $183.54 2.59%
Goldman Sachs Group Inc. (GS) $493.13 1.25%
American Express Co. (AXP) $247.48 1.12%
Microsoft Corp. (MSFT) $447.77 1.09%
Coca-Cola Co. (KO) $65.36 0.90%
Salesforce.Com Inc. (CRM) $256.18 0.83%
Apple Inc. (AAPL) $225.77 0.81%
Travelers Company Inc. (TRV) $206.33 0.44%
Walmart Inc. (WMT) $70.44 0.09%
JP Morgan Chase & Co. (JPM) $210.38 0.05%