Nasdaq futures down 208.50 points (Il Sole 24 Ore Radiocor) - New York, 24 Jul - US futures were lower as disappointing earnings from 'Magnificent Seven' duo Tesla and Alphabet undermined sentiment.

Wall Street closed slightly lower yesterday with the Dow ending down 0.14%, the S&P 500 0.16% and the Nasdaq 0.1%. But the rotation into smaller stocks, largely neglected in this year's tech-driven rally, proceeded in step with the Russell 2000 index up 1%.

More than 20% of companies in the S&P 500 have reported earnings in their latest-quarter with around 80% of these beating expectations.

But yesterday's earnings from Tesla and Google-parent Alphabet, released after market close, disappointed investors as the EV maker missed revenue forecasts and posted a sharp fall in profits while Alphabet indicated weakness in its Youtube advertising business.

In premarket trading Tesla shares were down more than 8% while Alphabet was losing more than 6%.

AT&T is among the companies reporting today before the opening bell while IBM and Ford will release results after the close.

Investors will track a slate of economic data on tap today.

These include advance manufacturing and services PMI which will offer clues into how the economy is faring amid easing inflation but still high borrowing costs.

Federal Reserve officials Logan and Bowman are scheduled to speak at events later today with the market currently betting conditions will be in place to allow a first interest rate cut in September.

Futures on the Dow Jones were down 157.00 points, or 0.39%, S&P 500 futures were down 38.25 points, or 0.68%, while futures on the Nasdaq were 208.50 points, or 1.05%, lower.

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(RADIOCOR) 24-07-24 13:43:37 (0466) 5 NNNN