Morning Report 24 Jul 24: Wall St on edge ahead of big tech earnings

US sharemarkets closed slightly lower on Tuesday, as investors awaited direction from the latest earnings from Alphabet and Tesla. The duo were due to kick off results from the so-called "Magnificent Seven" stocks after markets close. While the electric vehicle maker's shares dipped 2%, the Google parent's shares were up 0.1%. Spotify jumped 12% after posting a record quarterly profit, while Coca-Cola rose 0.3% after it increased its annual sales and profit forecasts. Helping subdue equity markets were disappointing earnings from household names. United Parcel Service (UPS), seen as a bellwether for the global economy, slumped 12.1% for its worst day on record after missing earnings estimates on subdued package delivery demand and higher labour-contract costs. General Motors dropped 6.4% despite a second quarter results beat and a higher annual profit forecast, while Comcast lost 2.6% after missing revenue estimates.