Wall Street futures were little changed on Tuesday amid a flurry of mixed corporate earnings, as investor focus turned to Big Tech results scheduled later in the day to gauge if the market's recent record-breaking rally has momentum to spare.

Market Snapshot

At 8:20 a.m. ET, Dow e-minis were up 13 points, or 0.03%, S&P 500 e-minis were up 2 points, or 0.04%, and Nasdaq 100 e-minis were down 18.5 points, or 0.09%.

Pre-Market Movers

Tesla was up 1.16% in premarket trading ahead of the electric-vehicle maker ’ s second-quarter earnings scheduled for after the closing bell Tuesday. Analysts expect Tesla to report earnings in the period of 61 cents a share on sales of $24.5 billion. A year earlier, Tesla reported a profit of 91 cents on sales of $24.9 billion. The expected year-over-year declines could be attributed to lower sales volume and lower prices.

Alphabet rose 0.2% after a report from The Wall Street Journal said talks that its Google unit were having to acquire cybersecurity start-up Wiz for a planned $23 billion have fallen apart and ahead of second-quarter earnings from the search giant. Analysts expect Alphabet to earn $1.84 a share in the second quarter on revenue of $84.2 billion, up from profit of $1.44 a share on revenue of $74.6 billion a year earlier.

United Parcel Service fell 8.08% after the shipping giant reported second-quarter adjusted earnings of $1.79 a share, missing analysts ’ estimates of $1.99. Revenue fell 1.1% to $21.8 billion and came in below consensus of $22.17 billion. Weaker demand for package delivery and heightened costs related to a labor agreement with the Teamsters union both dragged on profits. UPS also reduced its fiscal-year revenue guidance.

Spotify Technology surged 13% after second-quarter earnings at the audio company topped analysts ’ estimates and revenue jumped 20%.

General Motors jumped 2.9% after the auto maker raised its adjusted profit outlook for the year after pretax adjusted earnings in the second quarter of $3.06 a share topped analysts ’ estimates of $2.70. GM said it expects to generate $13 billion to $15 billion in 2024 operating profit compared with a prior guidance range of $12.5 billion to 14.5 billion.

GE Aerospace rose 3.8% after second-quarter earnings and revenue beat analysts ’ forecasts and profit margins were much better than expected. The company also boosted its full-year outlook.

U.S.-listed shares of SAP jumped 6.2% after the German business-software company posted second-quarter revenue that topped analysts ’ estimates, getting a lift from a 25% increase in cloud revenue.

Shares of NXP Semiconductors were tumbling 7.9% in premarket trading following second-quarter adjusted earnings from the company that missed Wall Street estimates.

Solventum rose 4.5% after activist hedge fund Trian Partners told Barron ’ s it was "one of the largest shareholders of Solventum … recognizing that the division had consistently been one of the best-performing businesses inside of 3M." Trian added in an emailed statement there was "significant value creation opportunity as a standalone public company."

Coca-Cola rose 1.7% after second-quarter earnings and revenue were better than expected and the beverage giant raised full-year guidance.

Market News

Google Scraps Plan to Remove Cookies from Chrome

Google is planning to keep third-party cookies in its Chrome browser, it said on Monday, after years of pledging to phase out the tiny packets of code meant to track users on the internet.

The major reversal follows concerns from advertisers - the company's biggest source of income - saying the loss of cookies in the world's most popular browser will limit their ability to collect information for personalizing ads, making them dependent on Google's user databases.

Piper Sandler Boosts Microsoft ’ s Price Target on Cloud, AI Strength

Microsoft was in focus on Tuesday after Piper Sandler increased its price target on the tech giant, citing strength in its cloud business, notably due to artificial intelligence.

"It took 13 years for Microsoft Cloud services to cross over the $100B revenue milestone between F2010-F2023, which included roughly $176B+ in aggregate capex+ lease spend," analyst Brent Bracel in wrote in an investor note. "