5 things to know before the stock market opens

Google parent Alphabet (GOOGL) is set to report second-quarter earnings after the market close, with the tech giant’s cloud growth and artificial intelligence (AI) initiatives in focus, while Google’s $23 billion buyout talks with cybersecurity startup Wiz have reportedly ended; Tesla (TSLA) shares are up ahead of its earnings also after the market close, with Elon Musk’s delayed robotaxi update in investors’ sights; many spot ether exchange-traded funds (ETFs) are set to begin trading today, with Grayscale’s ETFs among those approved by the Securities and Exchange Commission (SEC); GE Aerospace (GE) shares are up after reporting higher second-quarter revenue on a surge in orders and raising its full-year profit forecast; and United Parcel Service (UPS) shares are down after reporting a weak second-quarter result. U.S. stock futures were little changed after markets ended sharply higher Monday as technology shares recovered from last week's slide. Here's what investors need to know today.

1. Alphabet's cloud growth, AI focus in Q2; Google Wiz deal reportedly set to end

Google parent company Alphabet (GOOGL) is set to report second-quarter earnings after the close, with investors likely paying attention to continued cloud growth and updates to artificial intelligence (AI) initiatives. The tech giant, whose shares are up in premarket trading, is expected to report a 13% year-over-year increase in revenue to $84.3 billion, according to estimates compiled by Visible Alpha, and earnings per share (EPS) of $1.85. In other Google news, its potential $23 billion acquisition of cybersecurity firm Wiz, which would have been its largest deal to date, has closed, according to The Wall Street JournalWiz CEO Assaf Rappaport said in an email to employees that Wiz would instead continue to pursue an initial public offering (IPO), according to the report.

2. Tesla's delayed Robotaxi considered as electric vehicle maker reports after-hours results

Tesla (TSLA) shares are up in trading ahead of its earnings release after the market close, with CEO Elon Musk expected to update investors on the company's plans, including its delayed robotaxi system and other self-driving technologies. Investors will be watching for an update on when Tesla plans to launch its robotaxi after Musk confirmed Monday that the Aug. 8 event has been postponed. Tesla shares have rebounded recently, fueled by better-than-analyst quarterly deliveries, though the numbers fell from a year ago.

3. Ether Rises as Spot ETFs Get SEC Approval

Ether (ETH) is up about 2% as several spot Ether exchange-traded funds (ETFs) are set to begin trading today after receiving final approval from the U.S. Securities and Exchange Commission (SEC). Ether is the underlying cryptocurrency of the Ethereum network, which is the second-largest crypto network by market capitalization. Spot Bitcoin ETFs that began trading in January boosted demand for Bitcoin (BTC) and propelled the token to record highs in March.

4. GE Aerospace advances as second-quarter sales beat forecasts

GE Aerospace (GE) shares rose 2% in premarket trading after the aerospace parts maker posted higher second-quarter sales on a surge in orders and also raised its full-year profit forecast. Second-quarter revenue was $9.1 billion, up 4% from a year ago, beating expectations of $8.5 billion. EPS of $1.20 also beat analysts’ consensus estimate of $0.98. The results are only the company’s second as a standalone company since General Electric completed its split into three separate companies earlier this year. GE forecast adjusted EPS of $3.95 to $4.20 for 2024, up from a projection of $3.80 to $4.05 it gave in April, and gave a free cash flow range of $5.3 billion to $5.6 billion for the year, up from at least $5 billion.

5. UPS slumps on disappointing second-quarter results

Shares of United Parcel Service (UPS) fell 8% in premarket trading after the delivery giant reported second-quarter results that missed expectations. UPS reported second-quarter consolidated revenue of $21.8 billion, down 1.1% from a year ago, mainly due to a 2.9% decline in average daily volume, and earnings per share (EPS) of $1.65, both below analysts' consensus estimates. UPS CEO Carol Tom predicted a return to operating profit growth “in the future.” UPS, which like rival FedEx (FDX) had a tough 2023 due to a slowdown in shipping demand due to pandemic spikes, said 2024 consolidated revenue is expected to be about $93.0 billion, below the $94.5 billion upper end of its previous guidance range.