Dow Futures Eye Triple-Digit Drop Ahead of Fed Meeting

Stock futures are mostly lower this morning, with futures on the Dow Jones Industrial Average (DJI) pointed 120 points lower, and futures on the S&P 500 Index (SPX) sporting a shallow loss of its own. Nasdaq-100 Index (NDX) futures, meanwhile, are pointed flat. Investors seem to be largely overlooking a blowout earnings report from Tesla (TSLA), released after the close last night, though the equity itself is climbing. Even more powerhouse tech names are expected to report after the close this evening, including Apple (AAPL) and Microsoft (MSFT).

Wall Street is also looking ahead to the Federal Reserve's two-day policy meeting, which will begin later today. Elsewhere, S&P Case-Shiller home prices for May came in 16.6% higher year-over-year, as the housing boom continues to drag prices higher alongside subpar supply and surging demand.

Continue reading for more on today's market, including:

• The semiconductor stock set for a major bounce. 
• Why SSTK could be headed for another earnings beat. 
• Plus, UPS falls short on domestic revenue; MMM enjoys a beat-and-raise; and INTC trying new tactics. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Monday, compared to over 1.1 million put contracts. The single-session equity put/call ratio rose to 0.63 and the 21-day moving average stay at 0.50.
2. The shares of United Parcel Service, Inc. (NYSE:UPS) are off 6.9% in premarket trading after the company's second-quarter domestic revenue fell short of analysts' outlook. UPS' profits and overall revenue and profits did top expectations, but the firm noted e-commerce demand is still running high. Coming into today, UPS was up 24.6% year-to-date.
3. Meanwhile, blue-chip 3M Co (NYSE:MMM) is faring a bit better after it earnings report, but is still inching lower in electronic trading, down 0.8%, despite the firm's second-quarter earnings and revenue beat. The company also lifted its full-year forecast. MMM has added over 15% in 2021. 
4. Fellow Dow member Intel Corporation (NASDAQ:INTC) said it plans on rolling out a new chip each year from now until 2025, in an attempt to regain control of the semiconductor space. INTC is down 2.4% before the bell, chipping into its 9% year-to-date lead, coming into today. 

5. Today, durable goods orders and the July consumer confidence index will be due out.

Stocks in Hong Kong Continue to Slide

Markets in Asia settled on both sides of the aisle on Tuesday. Hong Kong's Hang Seng extended yesterday's steep losses, closing down 4.2%, as several stocks succumbed to pressure from new regulations. China's Shanghai Composite followed behind with a 2.5% drop, amid economic data showing industrial firms' profits jumping 20% year-over-year in June – a decline from the 36.4% rise in May. Elsewhere, Japan's Nikkei added 0.5%, while the South Korean Kospi ended with a 0.2% gain.

European markets are lower midday, as investors unpack a slew of corporate earnings. As Northern Europe still recovers from the recent flooding, Southern Europe saw wildfires across the region yesterday. At last check, London's FTSE 100 and the German DAX are both down 0.4%, while the French CAC 40 is 0.2% lower.