Market Update: Nasdaq Futures Decline Following Earnings Reports

In a notable shift in the market, Nasdaq futures experienced a decline after major companies Alphabet and Tesla released their second-quarter earnings. Tesla's results fell short of expectations, with automotive sales decreasing for the second consecutive quarter. This disappointing performance follows a challenging first half of the year for the electric vehicle manufacturer, characterized by layoffs and a drop in deliveries compared to the previous year. Alphabet, the parent company of Google, reported earnings that were largely in line with expectations; however, the company's YouTube advertising revenue did not meet forecasts, leading to a 2% dip in its shares during after-hours trading. Additionally, General Motors (GM) announced a slowdown in its plans for all-electric vehicles, with RBC Capital Markets projecting that GM's second-half earnings will be $2.5 billion lower than in the first half. In the logistics sector, UPS has revised its revenue expectations for 2024 to approximately $93 billion, down from a previous forecast of up to $94.5 billion. This adjustment aligns with the median forecast from strategists surveyed by CNBC Pro, despite the S&P 500's impressive 16% surge this year, reaching record highs. In a significant development for the cryptocurrency market, Ether ETFs officially began trading in the U.S. on Tuesday. This milestone highlights the growing interest in Ethereum, which offers different use cases compared to Bitcoin, and signals a potential shift in market dynamics as new technologies and applications emerge.