08:19 AM EDT, 07/24/2024 (MT Newswires) -- US equity futures were lower Wednesday, weighed down by quarterly reports from tech majors Alphabet (GOOG, GOOGL) and Tesla (TSLA).

The Dow Jones Industrial Average futures fell 0.4%, the S&P 500 futures declined 0.7% and the Nasdaq futures were down 1.1%.

Google's ( GOOG ) parent company, Alphabet, reported better-than-expected Q2 results but its YouTube ( GOOG ) advertising revenue fell short of analysts' projections. Meanwhile, electric vehicle maker Tesla posted Q2 adjusted earnings that trailed analysts' estimates.

Oil prices were lower, with front-month global benchmark North Sea Brent crude up 1.1% at $81.92 per barrel and US West Texas Intermediate crude up 1.4% at $78.01 per barrel, on signs of weaker demand in the US. Industry data released Tuesday showed US crude stockpiles fell by 3.9 million barrels last week, according to media reports.

The flash Composite Purchasing Managers' Index for July is scheduled for release at 9:45 am ET.

New home sales, slated for release at 10 am ET, are expected to increase to 639,000 annual rate in June from 619,000 in May, according to estimates compiled by Bloomberg.