Futures Slide Ahead Of Google Earnings As Brent Surges Above $95

US futures are lower following a chipmaker-powered jump in Tuesday’s session, with Nasdaq 100 futures falling by 0.8%, which appears to be more of a retracement to yesterday’s strength than a move tied to oil or de-risking into today’s Tech earnings. Alphabet earnings are coming after the close. As of 7:00am ET, S&P futures are down 0.3% and Nasdaq futures slide 0.6%. In premarket trading,  Mag 7 stocks are mixed ahead of key earnings from Alphabet, Tesla and IBM due later in the afternoon. Nvidia is underperforming the group as chipmakers declin; GOOG leads. Defensives and Energy are leading; within Cyclicals Financials are outperforming.  Today’s macro focus is wholly on GOOG and the AI trade. Crude is leading the commodity complex with WTI at $88/bbl and Brent above $95/bbl for the fist time in 6 weeks, so far Equities have not been derailed as investors continue to think that Trump pivots back to a deal. In metals, Precious is leading Base; Ags are mixed but net higher. Dollar is indicated a touch lower as bond yields are flat. Looking at the day ahead, it’s a fairly quiet one. But we’ll get the UK CPI print for June, and earnings releases after the US close include Alphabet and Tesla.

In premarket trading, Mag 7 stocks are mixed ahead of key earnings from Alphabet, Tesla and IBM due later in the afternoon. Nvidia is underperforming the group as chipmakers decline (Alphabet +0.8%, Microsoft  +0.4%, Amazon +0.2%, Meta little changed, Apple -0.3%, Tesla -0.3%, Nvidia  -0.9%).