[Platinum Insights] (7.25.23)

Good morning. 

Dow futures were subdued on Tuesday, lagging Wall Street peers after the blue-chip index logged a terrific 11-day rally, while investors awaited quarterly earnings from mega cap technology companies. The earnings from Alphabet and Microsoft, due after the bell, will be a test for their hefty valuations. These mega caps rose 0.7% each in premarket trading. 

Visa, Verizon Communications, Texas Instruments, Biogen, General Electric and General Motors are also set to report their results later in the day. Also in focus is a widely expected announcement of a 25-basis point rate hike by the U.S. Federal Reserve on Wednesday. On tap at 10:00 a.m. ET is the consumer confidence data that is expected to rise to 111.8 in July from 109.7 in June. 

3M Co on reported a quarterly loss compared to a year-ago profit, as the U.S. industrial conglomerate took a hit from a $10.3 billion settlement related to water pollution claims tied to “forever chemicals”. 

Bancorp reported Q2 earnings Tuesday of $0.64 per diluted share, down from $0.88 per share a year earlier. 

TransUnion reported Q2 adjusted earnings Tuesday of $0.86 per diluted share, down from $0.98 a year earlier. 

General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. 

WTI crude futures rose toward $79 per barrel. Gold steadied around $1,960 an ounce while the yield on the US 10-year Treasury note topped 3.9%. 

As earnings season continues, it is important to note that there is no guarantee that the price of a stock will move in a particular direction after an earnings announcement. However, by exiting their position prior to the announcement, swing traders can avoid the risk of significant losses. For more on swing trading, check out the Platinum Channel. 

Have a great day!