Market Opens Mixed Amid Earnings and Oil Price Volatility

Stock market futures are pointing to a mixed open as investors weigh in on earnings reports from major companies. Chip stocks, however, are under pressure due to concerns about an AI bubble and the sustainability of spending.

The Dow Jones Industrial Average futures were up 0.7% while S&P 500 futures remained relatively unchanged. In contrast, Nasdaq futures slid 0.8%. The decline in chip stocks is particularly notable, with Nvidia, Broadcom, Micron, and others falling this morning.

Coca-Cola, Boeing, and UPS reported their second-quarter results, with Coca-Cola and UPS topping estimates and lifting their full-year outlooks. UPS shares were up 1% after the shipping giant topped forecasts, while Coca-Cola's stock surged over 3% after it beat expectations.

The price of crude oil continues to fall, dropping for a third straight day to $82 per barrel amid hopes that the U.S. and Iran will restart peace talks. The Federal Reserve is also set to begin its two-day policy meeting, with no expected changes to interest rates but market participants pricing in at least one rate hike later this year.