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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 flat, S&P 500 flat, Nasdaq down 0.17%

(Updated at 8:49 a.m ET/1249 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

July 23 (Reuters) -

Wall Street was set for a subdued open on Tuesday amid a

mixed bag of corporate results, as investors awaited Big Tech

earnings from Alphabet and Tesla later in the day to assess if

the market's recent record 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 technology

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 1% and 1.2%, respectively,

"Investors always reward growth, and if those smaller

companies who've been overlooked for the first six months can

show outperformance against their peers on a percentage basis,

they're going to get the love," said Kim Forrest, chief

investment officer at Bokeh Capital Partners.

"What we're really looking at is guidance. So if

guidance continues to go up, small caps have a shot."

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

leapt 14.1% after its second-quarter results were

broadly in line with estimates, while General Motors ( GM )

gained 3.1% after posting a second-quarter results beat and

raising its annual profit forecast.

United Parcel Service ( UPS ) slumped 10.3% after

missing earnings estimates on subdued package delivery demand

and higher labor-contract costs.

Coca-Cola

rose 0.6% after raising its annual sales and profit

forecasts.

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

results during this earnings season, 81.1% beat expectations,

according to LSEG data on Monday.

At 8:49 a.m. ET, Dow e-minis were up 2 points, or

0%, S&P 500 e-minis were down 0.75 points, or 0.01%, and

Nasdaq 100 e-minis were down 34.75 points, or 0.17%.

Economic data scheduled for this week includes the

Personal Consumption Expenditures Price Index, the Fed's

preferred inflation gauge, which will be crucial in assessing

the monetary policy outlook against a backdrop of 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 others, NXP Semiconductors ( NXPI ) slumped 7.5% after

forecasting third-quarter revenue below estimates. Other chip

stocks including ON Semiconductor, Texas Instruments ( TXN )

and Advanced Micro Devices ( AMD ) were also down

between 1% and 3.5%.

AI chip favorite Nvidia ( NVDA ) edged 0.3% lower after

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

session.

Shares of Trump Media & Technology Group ( DJT ) slipped

2.6% after a choppy session on Monday following President Joe

Biden's withdrawal from the Democratic ticket and as Vice

President Kamala Harris become the party's presumed nominee.