{"id":19967,"date":"2024-07-24T12:38:32","date_gmt":"2024-07-24T20:38:32","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19967"},"modified":"2024-07-24T12:38:32","modified_gmt":"2024-07-24T20:38:32","slug":"stock-index-futures-plummet-amid-mega-cap-earnings-misses","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/stock-index-futures-plummet-amid-mega-cap-earnings-misses\/","title":{"rendered":"Stock Index Futures Plummet Amid Mega-Cap Earnings Misses"},"content":{"rendered":"
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Stock Index Futures Fall Sharply!<\/strong><\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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As of this typing, the September E-mini S&P 500<\/a> stock index futures contract is on track for its worst day since 2022, losing \u00b1120 points (a $6,000 per contract move) \/ \u00b12.2%.\u00a0The E-mini Nasdaq shed \u00b1700 points (a $14,000 per contract move) \/ \u00b13.4%.<\/p>\n

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Two mega-cap companies – Google parent company Alphabet and Tesla \u2013 released gloomy 2nd\u00a0quarter earnings reports and in sympathy, major technology stocks Nvidia, Meta Platforms and Microsoft, lost 6%, 5% and 4%, respectively.\u00a0Summer has been a period susceptible to weakness for equities, so for ones whose performances have been responsible for the bulk of the gains this year among the major stock indexes, the individual losses exacerbated today\u2019s sell-off.<\/p>\n

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Despite these misses from the mega-cap tech, the earnings season overall is off to a strong start. More than 25% of S&P 500 companies have reported their second-quarter earnings, with roughly 80% of them topping expectations, according to FactSet data.<\/p>\n

Active day tomorrow to follow with GDP, weekly unemployment, durable goods on the economic front along with LIGHT earnings reports tomorrow.<\/p>\n

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Daily Levels for July 25th, 2024<\/h3>\n

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel Listen to our Market Recap Podcasts on Apple Podcasts     Stock Index Futures Fall Sharply! By Mark O’Brien, Senior Broker   As of this typing, the September E-mini S&P 500 stock index futures contract is on track for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19967","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=19967"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19967\/revisions"}],"predecessor-version":[{"id":19969,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19967\/revisions\/19969"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}