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Spotify ( SPOT ), General Motors ( GM ) jump after results

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United Parcel Service ( UPS ) slumps after missing Q2 estimates

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Tesla, Alphabet to kick off Magnificent Seven earnings AMC

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Futures: Dow up 0.08%, S&P 500 up 0.07%, Nasdaq down 0.02%

(Updated at 7:12 a.m. ET/1112 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

July 23 (Reuters) -

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.

With investors returning to megacap growth stocks on Monday,

the S&P 500 and the Nasdaq logged their biggest

one-day gain in more than a month, snapping a three-day losing

streak triggered by investors exiting megacap tech stocks in

favor of underperforming sectors.

Attention now turns to results from tech behemoths,

which will be key to determine whether 2024's record rally can

be sustained as investors assess whether U.S. stocks are

overvalued, or have more room to rise.

Alphabet and Tesla, two of the so-called

Magnificent Seven companies, are set to report quarterly results

after markets close. In a largely mixed premarket session for

the group, their shares were up 0.3% and 1.2%, respectively,

"The consensus seems to be for encouraging figures

later, with surveys suggesting investors are expecting earnings

results, (not necessarily lower rates from the Fed), to drive

the next leg in the equity rally," analysts at ING said in a

note.

"On a total return basis, the Magnificent Seven has lost

close to 8% this month, tonight's release therefore will have a

big say in whether the rally resumes."

Amid a slew of corporate earnings, Spotify Technology ( SPOT )

leapt 13% after its second-quarter results were broadly

in line with analysts' estimates, while General Motors ( GM )

gained 4.6% after beating forecasts for profit and revenue.

United Parcel Service ( UPS ) slumped 7.8% after missing

earnings estimates on subdued package delivery demand and higher

labor-contract costs.

Coca-Cola

rose 1.0%, while Comcast ( CMCSA ) gained 2.2% after

results.

Of the 74 S&P 500 companies that have reported quarterly

results during this earnings season, 81.1% beat expectations,

according to LSEG data.

At 7:12 a.m. ET, Dow e-minis were up 34 points, or

0.08%, S&P 500 e-minis were up 4 points, or 0.07%, and

Nasdaq 100 e-minis were down 4.75 points, or 0.02%.

Economic data scheduled for this week including the

Personal Consumption Expenditures Price Index, the Fed's

preferred inflation gauge, will be crucial in assessing the

monetary policy outlook amid the recent inflation downtrend and

signs the labor market is easing.

Bets of a 25-basis-point interest-rate cut by September

have shot up to nearly 92%, from nearly 60% last month,

according to CME's FedWatch Tool, with two rate cuts expected by

the year end.

Among other single movers, NXP Semiconductors ( NXPI )

slumped 7.9% after the company forecast third-quarter revenue

below estimates, as it battles sluggish demand from automotive

customers.

Other chip stocks including ON Semiconductor, Texas

Instruments ( TXN ) and Advanced Micro Devices ( AMD ) were also

down between 0.7% and 2.5%.

AI chip firm Nvidia ( NVDA ) edged 0.4% lower after

logging its steepest one-day gain in nearly a month in Monday's

session.

Shares of Trump Media & Technology Group ( DJT ) slipped

3.1% after a choppy session on Monday following U.S. President

Joe Biden's withdrawal from the Democratic ticket and as Vice

President Kamala Harris become the party's presumed nominee.