U.S. equity futures are under scrutiny following a fifth consecutive decline in the Nasdaq Composite, with investors parsing a mix of corporate earnings and structural market events for the upcoming session.
Procter & Gamble Kicks Off Earnings Season
Procter & Gamble (PG) headlines the pre-market docket, set to release quarterly results on Squawk Box Wednesday morning. Shares have traded flat over the past three months but remain approximately 11% below their February peak.
Mega-Cap Tech Performance Diverges
A review of major technology names over the trailing three-month period reveals significant dispersion:
- Meta Platforms (META): Down 11.6%, sitting 25% below its August 2025 high.
- Microsoft (MSFT): Down 8%, retreating 29% from its July 31, 2025 peak.
- Qualcomm (QCOM): Up 8.6%, though still 37% off its late-May high.
Oracle Hits 52-Week Low
Oracle (ORCL) extended its decline, touching levels last seen in May 2024. The stock has surrendered 18% in July alone and sits 65% below its September high.
Philip Morris Reaches All-Time High
Conversely, Philip Morris International (PM) scaled a record high, rising 10% in July. The shares have rebounded roughly 40% from a trough hit in November.
SK Hynix Disappoints in After-Hours Trading
SK Hynix (SKHY) reported earnings in South Korea, prompting a 2% decline in U.S.-listed shares during extended trading. The stock closed the regular session at $130.17, down 33% from its July 14 high. Further analysis is expected on Morning Call at 5 a.m. ET.
SpaceX: Cramer Urges Patience Ahead of Lock-Up Expiration
SpaceX shares gained 2.6% Tuesday but remain 48% below the $225.64 peak reached in June. CNBC’s Jim Cramer highlighted two structural concerns for potential buyers: the concentrated control Elon Musk holds over the ownership structure, and an imminent expansion of the float. Cramer estimates the float will grow from roughly 5% to 12% following a lock-up expiration triggered by next Tuesday’s earnings release, set for Thursday, August 6. Cramer characterized the stock as a “real dog” recently but acknowledged strong investor faith in Musk, advising market participants to “wait for the next lots of stocks to come out Thursday before pulling the trigger… be patient.”