S&P 500 edges higher as traders await key tech earnings: Live updates

Existing home sales declined in June, even as the median sales price hit a new record, the National Association of Realtors reported Tuesday.

Sales totaled 3.89 million for the month, down 5.4% on a monthly and annual basis and below the Dow Jones estimate of 3.95 million.

However, the median sale price jumped 4.1% from a year earlier to $426,900. This is the second consecutive month it has reached a new high and the 12th consecutive month it has increased. Unsold inventory increased by 4.1%, the highest level since May 2020.

—Jeff Cox

Coca-Cola shares were higher in premarket trading after the beverage giant beat expectations for the second quarter.

Coca-Cola reported adjusted earnings per share of 84 cents on revenue of $12.36 billion for the quarter. Analysts polled by LSEG had expected earnings per share of 81 cents on revenue of $11.76 billion. Organic revenue rose 10% in North America year over year, even as unit case volume fell 1%.

The company also said it now expects organic revenue growth of 9% to 10% for the full year, up from a range of 8% to 9% previously, according to FactSet’s StreetAccount.

Service activity in the Philadelphia region hit its lowest level in more than a year in July, according to a survey released Tuesday.

The Philadelphia Federal Reserve’s nonmanufacturing index fell to -10 for the month, the lowest level since April 2023 after reaching 15.1 in June. The index measures the percentage difference between companies reporting expansion and contraction.

The survey also showed that the new orders and sales indices registered sharp declines, and the employment index plunged to -4.9, the first negative reading since June 2023.

—Jeff Cox

Check out the companies making headlines before the bell:

• Spotify Technology — Shares of the music streaming company jumped 13% after Spotify Technology reported second-quarter results that beat expectations. Gross margin also beat expectations, as did operating income.
• General Motors — Auto stocks jumped 4.6% after General Motors handily beat second-quarter estimates. GM also said it was restructuring its struggling autonomous vehicle and China businesses.
• Coca-Cola Company — Shares of the beverage company rose 1.7% after better-than-expected results. Coca-Cola reported adjusted earnings per share of 84 cents on revenue of $12.36 billion. Analysts polled by LSEG had expected earnings per share of 81 cents on revenue of $11.76 billion. The company also raised its full-year forecast for organic revenue.

Read the full list here.

-Sarah Min

UPS fell more than 7% after reporting lower-than-expected second-quarter results on both revenue and net income.

The parcel delivery company reported earnings of $1.79 per share on revenue of $21.80 billion. Analysts polled by LSEG had estimated earnings of $1.99 per share and revenue of $22.18 billion.

Revenue from the U.S. domestic and international shipping segments fell short of consensus expectations. The company also said it expects full-year capital expenditures of $4.0 billion, down from the previous forecast of $4.5 billion and the $4.63 billion expected by FactSet analysts.

General Motors reported strong second-quarter results, sending shares up nearly 5% in premarket trading.

The automaker reported adjusted earnings of $3.06 per share on revenue of $47.97 billion. Analysts had expected earnings of $2.75 per share on revenue of $45.46 billion, according to LSEG.

“We had a really strong first half and a strong second quarter, and we’re well positioned to have a very strong year,” GM Chief Financial Officer Paul Jacobson said at a news conference. “We expect some seasonal increases in raw material costs, as well as some of the pricing challenges that we anticipated in the second half of the year.”

European stocks edged higher on Tuesday as investors awaited the latest earnings reports from regional companies.

The pan-European Stoxx 600 index was up 0.15% at 9:46 a.m. London time. Sectors were mixed, with mining stocks losing 1.39% while technology stocks gained 1.28%.

European markets have been dealing with a series of earnings releases and updates from companies including Porsche, Thales, Randstad and Banco de Sabadell. LVMH is expected to report results after European markets close on Tuesday.

— Sophie Kiderlin

The CBOE Volatility Index (VIX) hit 32 points last week, its highest level since April, according to data analyzed by Canaccord Genuity analyst Michael Welch.

Of the five times the indicator, not to be confused with the index itself, has hit that level in the past two years, Welch said, it has coincided only once with a short-term bottom in the stock market. The other four times, he noted, the S&P 500 has declined 2% to 10%.

Dubbed Wall Street’s “fear gauge,” the VIX provides a readout of market volatility.

—Alex Harring

Ether ETFs appear set to launch in the United States on Tuesday, about six months after the launch of Bitcoin funds.

Among the companies vying to launch ether funds are big-name asset managers like BlackRock, Fidelity and VanEck. Crypto-focused firms like Bitwise, 21Shares and Grayscale — which is effectively converting its multibillion-dollar Ethereum Trust into two ETFs with different fee tiers — are also getting in on the act.

According to FactSet, ether ETFs are likely to see less demand, at least initially, than bitcoin ETFs, which have so far attracted more than $16 billion in net inflows. Still, the funds are another sign that the cryptocurrency is becoming more closely tied to the traditional financial system.

“Today’s approval represents further proof that crypto as an asset class is here to stay,” Ophelia Snyder, co-founder and president of 21Shares, said in a statement.

— Jesse Pound

Here are some of the stocks that are seeing notable moves during extended trading:

• Cadence Design Systems — The electronics design stock fell 1.6% on weak earnings guidance for the current quarter. Cadence said it expects third-quarter earnings of $1.39 to $1.49 per share, while analysts polled by FactSet had expected $1.61 per share.
• Crown Holdings — The packaging products maker jumped 6% on a full-year forecast that beat expectations. Crown said earnings are expected to be between $6 and $6.25 per share, above the $5.97 per share estimate of analysts polled by FactSet.
• NXP Semiconductors — The chipmaker fell 8% after its second-quarter adjusted earnings missed expectations. NXP reported adjusted earnings of $3.20 per share, while consensus estimates were for $3.21 per share, according to LSEG.

See the full list here.

—Alex Harring

Stock futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET Monday night.

—Alex Harring